企业产品升级投资决策研究

Abstract

Abstract: In this paper,we study the problem on investment in upgrading product under duopoly market structure with options game theory.Optimal time of investment in upgrading product is analyzed under preemption equilibrium and simultaneous equilibrium.The result indicates that decreasing the price of product leads to a lower optimal investment threshold.The result is consistent with the intuition in the management practice.Thus theoretical guide to investment in upgrading product is proposed.

Key words: product upgrading, option game, preemption equilibrium, simultaneous equilibrium

CLC Number:

F830.59

YANG Yong, DA Qing-li. Study on Investment Decision Making in Upgrading Product[J]. Chinese Journal of Management Science, 2005, (1): 65-70.

References

[1] 威廉.L.麦金森.公司财务理论[M].东北财经大学出版社,2002.
[2] Grenadier, S, A. M. Weiss. Investment in Technological Innovations:An Option Pricing Approach [J]. Journal of Financial Economics, 1997,44:397-416.
[3] Farzin, Y. H, K. K. M. Huisman, P. M. Kort. Optimal Timing of Technology Adoption [J]. Journal of Economic Dynamics and Control, 1998,22:779-799.
[4] 马蒙蒙,蔡晨,王兆祥.基于二叉树期权定价模型的企业R&D项目价值评估研究[J].中国管理科学,2004,12(3):22-27.
[5] 郑德渊.基于跳跃过程的复合期权定价模型[J].中国管理科学,2004,12(1):15-19.
[6] Weeds, H. Strategic Delay in a Real Options Model of R & D Competition [J]. Review of Economic Studies, 2002,69:729-747.
[7] Angelis,D. I. Capturing the Option Value of R&D [J]. Research Technology Management, 2000, (4): 31-34.
[8] Faulker,T. W. Applying Options Thinking to R&D Valuation [J]. Research & Technology Management, 1996, (3):50-56.
[9] Mitchell, G. R., W. F. Hamilton. Managing R&D as a Strategic Option[J]. Research Management, 1988,31 (3):15-22.
[10] 刘国新,唐振鹏.传统产业技术创新投资决策的实物期权分析[J].武汉理工大学学报,2002,24(3):93-96.
[11] 夏晖,曾勇,唐小我.技术创新战略投资的实物期权方法综述[J].管理科学学报,2004,7(1):88-96.
[12] 张维迎.博弈论与信息经济学[M].上海人民出版社,1996.
[13] Huisman, K. J. M. Technology Investment: A Game Theoretic Real Options Approach [M]. Boston: Kluwer Academic Pub,2001,
[14] Fudenberg, D, Tirole, J. Preemption and rent equalization in the adoption of new technology[J]. The review of economic studies, 1985,52: 383-401.
[15] Grenadier, S. R. Strategic Exercise of Options: Development Cascades and Overbuilding in Real Estate Markets[J]. Journal of Finance, 1996,51 (5): 1653-1679.

Study on Investment Decision Making in Upgrading Product

PDF (PC)

Knowledge

Cited

Abstract

Cite this article

share this article

References

Related Articles 11

Metrics

Comments

Recommended 10

[1]	ZHENG Xiang-ming, GUAN Jian, YAN Yan. Option Game Analyses on the Pricing and Timing of Firm Distressed M&A under Hyper-Competition [J]. Chinese Journal of Management Science, 2018, 26(6): 115-123.
[2]	ZHANG Xin-hua, LU Can-hua, CHEN Zhi-wei. Analysis on Carbon Abatement Investment Strategy for Thermal Power Generation-Companies in Carbon Dispatching Mode [J]. Chinese Journal of Management Science, 2017, 25(11): 179-188.
[3]	PENG Wei, DUAN Jing-jing, TANG Zhen-peng. Research on Investment Option Game Model of Corporate Patent ——Base on Asymmetric Duopoly Model [J]. Chinese Journal of Management Science, 2014, 22(10): 38-43.
[4]	GONG Li, GUO Ju-e, ZHANG Guo-xing. An Asymmetrical Duopoly Investment Game Model Based on Exit Option [J]. Chinese Journal of Management Science, 2010, 18(1): 52-57.
[5]	XUE Ming-gao. R&D Investment Decision with Technology Licensing Alliance [J]. Chinese Journal of Management Science, 2008, 16(4): 104-110.
[6]	YU Dong-ping. A Symmetric Duopoly Option Games Based on Two Stochastic Factors [J]. Chinese Journal of Management Science, 2007, 15(5): 113-118.
[7]	XUE Ming-gao, GONG Pu. A Study on the Relation Between Debt Capacity and Growth Option [J]. Chinese Journal of Management Science, 2007, 15(4): 14-20.
[8]	WU Jian-zu, XUAN Hui-yu. A Study of Strategic R&D Investment Timing of Firms with Asymmetric Innovation Capability [J]. Chinese Journal of Management Science, 2006, (6): 135-139.
[9]	HUANG Xue-jun, WU Chong-feng. Option Game Model on R&D Investment Decision under Uncertainty [J]. Chinese Journal of Management Science, 2006, (5): 33-37.
[10]	CAO Guo-hua, PAN Qiang. Investment Option-game Equilibrium Strategy Analyses Based on Time-to-Build [J]. Chinese Journal of Management Science, 2006, (3): 135-141.
[11]	YANG Yong, DA Qing-li. Study on Investment in Technology Innovation of Asymmetric Duopoly [J]. Chinese Journal of Management Science, 2005, (4): 95-99.