项目间复合期权:公共R&D投资价值分析被引量：2

Interproject Compoundness:Real Option Evaluation on Public R&D Investment

下载PDF

导出

摘要公共R&D投资衍生的项目间复合期权是其区别于私人R&D投资的重要特征。在项目联合体内,公共R&D投资的项目间复合期权可以分解为基于同一个复合项目的平行复合期权和因果复合期权;通过项目联合体的价值增量分析,可以确定公共R&D投资的战略价值。 Real options of interproject compoundness discriminate public R＆D investment from private one. Interproject compoundness can be decompounded into the time eompoundness and the causal compoundness in projects complex, and strategic value of public R＆D investment can be evaluated through the incremental value analysis of the project complex.

作者徐尚友

机构地区安徽师范大学经济管理学院

出处《技术经济》 2008年第6期59-63,共5页 Journal of Technology Economics

关键词公共R&D投资期权组合项目间复合期权项目联合体 public R ＆D investment ＆ option portfolio interproject compoundness projects complex

分类号 F224 [经济管理—国民经济] F273.1 [经济管理—企业管理]

引文网络
相关文献

参考文献12

1刘树梅.我国政府R&D经费投入状况研究[J].科技管理研究,2002,22(2):38-41. 被引量：23
2陈霖豪.政府R＆D投入的方向和优先领域--关于美国2008财年R＆D预算重点的启示[J].全球科技经济瞭望,2006,21(12):6-8. 被引量：4
3国家发展改革委,建设部.建设项目经济评价方法与参数[M].北京:中国计划出版社,1994;69-70.
4徐尚友.实物期权与公共项目外部价值[J].工业技术经济,2006,25(10):116-118. 被引量：2
5NICHOLAS S V,MATT L. Real options for public sector R&D investments[EB/OL]. [2008-03-21]. http://www2.gwu.edu/-elliott/faculty/vonortasrealoptions04, pdf.
6TRIGEORGIS L. Real options and interaction with financial flecibility [J]. Financial Management, 1993,22 (3) : 202-224.
7BROSCH R. Portfolio aspects in the options management[R]. Working Paper Series:Finance & Accounting, 2001, 66 (2) : 1-22.
8PIRICA, REEVE N. Evaluation of public investment in R&Dtowards a contingency analysis[EB/OL]. [2008-03-21]. http://www. oecd. org/dataoeed/34/38/1907910, pdf.
9MYERS S C. Finance theory and financial strategy[J]. Midland Corporate Finance Journal, 1987,5(1) : 6-13.
10PENNINGS E, LINT O. The option value of advanced R&D[J]. European Journal of Operational Research, 1997,103 : 83-94.

二级参考文献124

1张维,安瑛晖.项目投资的期权分析方法[J].西北农林科技大学学报（社会科学版）,2001,1(3):5-9. 被引量：15
2[法]吉恩·泰勒尔.产业组织理论[M].北京:中国人民大学出版社,1997..
3Doraszelski U. Innovations, Improvements, and the Optimal Adoption of New Technologies[ R]. Working Paper, Hoover Institution, Stanford University, http://pubweb. acns. nwu. edu/- udo390/techadop. pdf, 2002.
4Bessen J. Real Options and the Adoption of New Technologies[ R]. Working Paper, MIT, http://www. researchoninnovation. org/realopt. pdf, 1999.
5Sarkar S. On the investment-uncertainty relationship in a real options model[ J]. Journal of Economic Dynamics and Control, 2000,24(2) : 219-225.
6Cohen W M, Levinthal D A. Innovation and learning: The two faces of R&D[J]. Economics Journal, 1989, 99(397) : 569-596.
7Grossman G, Shapiro J. Dynamic R&D competition[J]. Economic Journal, 1987, 97(386) : 372-387.
8Hoppe H C. Second-mover advantages in the strategic adoption of new technology under uncetlainty[ J]. International Journal of Industrial Organization, 2000, 18(2): 315-338.
9Mason R, Weeds H. Networks, Options and Preemption[Rl. Working Paper, No. 575, University of Warwick, http://www.warwick. ac. uk/fac/soc/Economics/msearctVpapers/twerp575. pdf, 2000.
10Huisman K J M, Kort P M. Strategic Technology Adoption Taking Into Future Technology Improvements: A Real Option Approach [R]. Working Paper, No. 2000-52, CentER, Tilburg University, http://greywww. kub. nl:2080/greyfiles/center/2000/doc/52. pdf, 2000.