摘要
本文应用期权博弈理论,对企业在面对市场环境不确定和竞争者行为不确定情况下企业价值边界的动态均衡演化过程做了深入分析。结果表明,企业价值边界确定在企业等待的期权价值与抢先的战略价值相均衡之处。企业抢先行动或等待都会引起不确定因素的变化,从而引起上述两类价值曲线的位移或曲率变化,并使得企业价值边界表现出动态均衡变化。而不同的不确定状况又决定了企业不同的策略行动,即是变得强硬而抢先,还是变得温和而等待,从而企业可以通过相机抉择保持可持续竞争优势,实现企业价值最大化。
By employing options game theory the present article analyses deeply the dynamic equilibrium of firm boundary under both uncertainties of market environment and competitors behaviors firm faces.It shows that the boundary of firm lies in the equilibrium between the time value of waiting and the strategic value of initiative game.Both preempting and waiting will lead to changes of uncertainties,which will incur the movement or the curvature change of both value curves.All these determine the dynamic equilibr...
出处
《中国工业经济》
CSSCI
北大核心
2007年第2期12-19,共8页
China Industrial Economics
