生物技术研发不确定性与投资研究

Study of Technology Uncertainty and Investment Option in Biotechnology R&D

本文以科技创新型企业与跨国公司之间的技术不确定性的异质性以及获得资金难易性程度的差异为出发点,运用熵理论和科技创新型企业与跨国公司各自研发的投资策略,建立了二者的技术不确定性的计量模型和投资期权模型,并以此揭示了科技创新型企业先于跨国公司进行生物技术研发的真实原因。

Based on the descriptions of several key sources of heterogeneity existing between multinationals and start-ups, namely, the degree of technical uncertainty and access to capital, this paper presents a model that accommodates the R＆D investment strategy and entropy of the multinational and start-up. By use of this model, the phenomenon that start-ups enter the biotechnology industry prior to multinationals is examined and explained.