关键词: 多任务代理, 激励机制, 战略投资, 经营投资, 实物期权

Abstract: The investment of developing enterprises is divided into strategic investment and operating investment,the former emphasizes on the long-term performance from exploration of enterprise's strategic chance,the latter cares about the current profit's gain from exploitation of enter prise resources. The traditional incentive mechanism based on the executive's confirmable out put weakened the incentive of executive's strategic investment management,resulted in short-term effect in incentive. So,real options method was used to optimize the above multi-task incentive mechanism. The result suggests that the long-term incentive mechanism based on the judge of strategic chances contributes to the effect of owner's incentive guide, facilitates the executive to make managerial balance between strategic project and operating project.The relativity of two kinds of investment management will exert influences on the design of executive's incentive mechanism,and then determine the proper collocation of two kinds of investment projects'combined managementin enterprises.

Key words: multi-task agent, incentive mechanism, strategic investment, operating investment, realoptions