基于实物期权的竞争与合作情形下战略投资决策分析

考虑市场中两家相同的企业，双方都拥有对某一新产品进行战略投资的机会，其中先投资的企业将获得先发优势．运用实物期权方法，从企业价值最大化的角度分别研究了两家企业在竞争与合作情形下均衡投资点的变化．结果表明，双方在合作情形下的均衡投资点优于在竞争情形下的均衡投资点，其原因是在竞争情形下企业双方对于先发优势的争夺使得均衡投资点从最优投资点前移，导致等待期权未被充分利用，造成了双方企业价值的损失．

Real Option Analysis on Strategic Investment Decision under Competition and Cooperation

This paper considered strategic investment in competing projects with uncertain returns where the winner takes first-move advantage. According to the theory of real options aiming at maximizing the value of the firm, the difference of the equilibrium investment point under competition and cooperation was discussed. The study shows that the equilibrium investment point under cooperation is better than the counterpart under competition due to the erosion of option-to-delay caused by competition for the sake of the first-move advantage.