基于实物期权的科技创新和科技金融耦合机理与模型研究

Research on the Coupling Mechanism and Model of Technological Innovation and Technological Finance Based on Real Options

科技创新和科技金融耦合实质就是科技资本和金融资本的结合,用Cobb-Douglas函数能较好体现经耦合产生的经营科技创新成果企业的产出;除了在耦合期间,耦合双方要采取合理形式充分发挥这两种资本的作用,以实现有效耦合外,进行耦合可行性分析是最重要的一环,为此建立以Cobb-Douglas函数为主的值函数的跳跃扩散过程实物期权模型,从而判断耦合的可行性,为有效耦合把好第一道关;由于影响因素较多,对相关因素的影响进行了敏感性分析。

The essence of the coupling of technological innovation and technological finance is the combination of technological capital and financial capital.The Cobb-Douglas function can better reflect the output of the business technological innovation results produced by the coupling.During the coupling period,the coupling parties should take reasonable forms to give full play to the role of the two capitals to achieve effective coupling,and the most important link is to conduct coupling feasibility analysis.Hence,a real option model of the jump diffusion process with the Cobb-Douglas function as the main value function is established to determine the feasibility of the coupling,which is the first step of effective coupling.As there are many influencing factors,a sensitivity analysis is carried out on the influence of related factors.