The real option game theory is a new effective method to analyze the project investment decision containing uncertain factors in the incomplete competition circumstance. Based on the introduction of the development of...The real option game theory is a new effective method to analyze the project investment decision containing uncertain factors in the incomplete competition circumstance. Based on the introduction of the development of real option game method, this paper puts forward a real option game model to research on the investment opportunity and investment strategy of technology innovation involved two competitors. The varies of the value of project bring on three kinds of game equilibrium, that is the corporate investment equilibrium strategy, the leader ＆ follower investment equilibrium strategy and the corporate delay equilibrium strategy.展开更多
In recent years,China has witnessed the rapid development in housing finance,and there have emerged constantly real estate finance innovations;however,there exists no relevant index for measuring the innovations of Ch...In recent years,China has witnessed the rapid development in housing finance,and there have emerged constantly real estate finance innovations;however,there exists no relevant index for measuring the innovations of China's real estate finance.Based on the perspectives of the governments,enterprises and the public,this paper constructs the"innovation index of real estate finance"on a quarterly basis from 2009 to 2019,with the method of empowerment which combines the subjective method(analytic hierarchy process)and the objective one(range coefficient method).It clearly and concretely depicts the innovations in housing finance and the related temporal-spatial characteristics in China since the outbreak of the financial crisis in 2008.The index covers 30 provinces,autonomous regions and municipalities directly under the central government,and analyzes its temporal and spatial characteristics.The findings show that there exist a strong spatial autocorrelation and a big regional difference in innovations.展开更多
文摘The real option game theory is a new effective method to analyze the project investment decision containing uncertain factors in the incomplete competition circumstance. Based on the introduction of the development of real option game method, this paper puts forward a real option game model to research on the investment opportunity and investment strategy of technology innovation involved two competitors. The varies of the value of project bring on three kinds of game equilibrium, that is the corporate investment equilibrium strategy, the leader ＆ follower investment equilibrium strategy and the corporate delay equilibrium strategy.
基金Supported by the National Science Foundation of China (71850014,71974108)Research on the Scientific and Technological Support Measures to Ensure Financial Security (2020-ZW10-A-022)R&D Program of China Construction Second Engineering Bureau Ltd (2021ZX190001)。
文摘In recent years,China has witnessed the rapid development in housing finance,and there have emerged constantly real estate finance innovations;however,there exists no relevant index for measuring the innovations of China's real estate finance.Based on the perspectives of the governments,enterprises and the public,this paper constructs the"innovation index of real estate finance"on a quarterly basis from 2009 to 2019,with the method of empowerment which combines the subjective method(analytic hierarchy process)and the objective one(range coefficient method).It clearly and concretely depicts the innovations in housing finance and the related temporal-spatial characteristics in China since the outbreak of the financial crisis in 2008.The index covers 30 provinces,autonomous regions and municipalities directly under the central government,and analyzes its temporal and spatial characteristics.The findings show that there exist a strong spatial autocorrelation and a big regional difference in innovations.
