交易成本、真实期权和企业R&D边界的决定

Transaction Costs,Real Options and R&D Boundaries of the Firm

企业内部R&D虽然能够节约交易成本,但其机会成本是外部R&D所能带来的战略弹性、新产品更快上市、低沉没成本的期权价值。因此,企业R&D边界的决策必须同时考虑交易成本的节约和期权价值的最大化。在这一分析框架进一步引入互补R&D能力和技术的分布这一因素,可以预测不同的不确定性组合下企业R&D的主要组织形式。

The transitional costs could be economized in - house R＆D, with the opportunity costs of economic value of strategical flexibility, greater speed to market and lower sunk costs obtainable from external R＆D. So the R＆D boundaries of the firm could he decidecl on both economizing the transitional costs and maximizing the value of real options. Further introducing the supplementary R＆D ability and technical distribution in the analysis frame, the prevailing R＆D forms under varying combinations of uncertainty could be predicted.