不确定环境下企业技术创新投融资决策研究

Study of Firm’s Investment and Financing Decisions on Technology Innovation under Uncertainty

考虑企业的投资和融资决策,假定新技术的产出品价格服从混合的布朗运动/跳跃过程,从而将市场不确定性和未来创新的技术不确定性同时引入新技术的价值估计.通过数字示例,该研究给出了最优的投资、融资和破产临界值,并进一步考察了各种不确定性参数对新技术投融资决策以及融资决策对投资决策的影响.

Considering firm’s investment and financing decisions, we assume the price of new technology follows a Combined Brownian Motion and Jump Process so that the market uncertainty and the technological uncertainties about future innovations enter simultaneously into the valuation of new technology. By numerical illustration, our research gives the optimal investment, financing and bankruptcy thresholds. Further, we analyze how investment and financing decisions of new technology are affected by changes in parameter values reflecting different uncertainties, and how the financing decision affects the investment decision.