摘要
在考虑技术创新经济效应的条件下 ,分析了传统产业项目投资决策的最优投资准则 ,把通过技术创新对传统产业的技术、产品进行升级换代理解为当前投资机会的嵌入期权 ,当前投资项目类似于美式复合看涨期权。把技术创新的经济效应分为成本节约效应和需求拉动效应 ,运用实物期权方法 ,分析了投资项目的期权价值 ,并求得了最优投资决策临界值。最后 。
A real option approach is adopted to analyze optimal project investment decisions in traditional industries. To upgrade the technology and products of the traditional industry is considered as an embedded option. A present investment project is equivalent to the compound American call option. The impact of technological innovation on economic performance can be specified as cost saving and demand pulling. After obtaining the explicit expressions of an option value and a critical price level of investment, a comparative static analysis is conducted and some policy suggestions are put forward.
出处
《武汉理工大学学报（信息与管理工程版）》
CAS
2002年第3期93-95,99,共4页
Journal of Wuhan University of Technology：Information & Management Engineering
基金
国家自然科学基金资助项目 (79870 0 3 6)
关键词
传统产业
技术创新
实物期权
traditional industry
technological innovation
real option
