R&D项目政府最优资助方式和资助金额研究──基于实物期权定价模型

Research on the Optimal Way and Quantity to Fund Government R&D Projects——Based on Real Option Pricing Model

不同的政府资助方式和资助金额对企业R&D项目的激励作用不同,因此需要确定合理的资助方式和金额使得资助政策发挥最大效用。本文采用实物期权分析方法,结合政府资助方式不同特点,建立了R&D项目期权定价模型和政府资助的实物期权模型。通过一个R&D项目实例,采用最小二乘蒙特卡洛模拟的方法进行数值模拟,得到各种资助方式下最优的资助金额,并对这些资助方式的效果进行了比较。结果表明,在模型的假设条件下,直接资助方式效率最高,综合考虑各方面因素税收优惠是最优的政府资助方式。

Different ways and amount of funding have different arousal effects on government R&D projects,thus the government needs to choose a reasonable amount of subsidy and make appropriate subsidy policy to obtain maximum effectiveness. In this paper,using real options analysis method,we have combined the characteristics of different government subsidies to establish a R&D project option pricing model and government- funded real options model. Through an R&D project examples,using the least squares Monte Carlo simulation method to obtain the optimal way of funding from various funding amounts,the effect of these funding methods has also been compared. The results show that under the assumptions of the model,the most efficient way is direct funding,considering factors of tax incentives.