| 不确定环境下企业技术创新投融资决策研究 |
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| 引用本文： | 李强,曾勇. 不确定环境下企业技术创新投融资决策研究[J]. 系统工程理论与实践, 2005, 25(3): 31-38. DOI: 10.12011/1000-6788(2005)3-31 |
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| 作者姓名： | 李强 曾勇 |
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| 作者单位： | 电子科技大学管理学院 |
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| 基金项目： | 国家自然科学基金(70272001) |
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| 摘 要： | 考虑企业的投资和融资决策,假定新技术的产出品价格服从混合的布朗运动/跳跃过程,从而将市场不确定性和未来创新的技术不确定性同时引入新技术的价值估计.通过数字示例,该研究给出了最优的投资、融资和破产临界值,并进一步考察了各种不确定性参数对新技术投融资决策以及融资决策对投资决策的影响.
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| 关 键 词： | 技术创新 实物期权 市场不确定性 技术不确定性 |
| 文章编号： | 1000-6788(2005)03-0032-07 |
| 修稿时间： | 2004-04-27 |
Study of Firm''''s Investment and Financing Decisions on Technology Innovation under Uncertainty |
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| LI Qiang,ZENG Yong. Study of Firm''''s Investment and Financing Decisions on Technology Innovation under Uncertainty[J]. Systems Engineering —Theory & Practice, 2005, 25(3): 31-38. DOI: 10.12011/1000-6788(2005)3-31 |
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| Authors: | LI Qiang ZENG Yong |
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| Affiliation: | School of Management,University of Electronic Science and Technology of China |
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| Abstract: | Considering firm’s investment and financing decisions, we assume the price of new technology follows a Combined Brownian Motion and Jump Process so that the market uncertainty and the technological uncertainties about future innovations enter simultaneously into the valuation of new technology. By numerical illustration, our research gives the optimal investment, financing and bankruptcy thresholds. Further, we analyze how investment and financing decisions of new technology are aff... |
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| Keywords: | technology innovation real option market uncertainty technological uncertainty |
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