摘要
考虑未来两代创新且只能进行一次技术转换的情形,借助二项式模型分析资不抵债时企业的创新投资行为,发现资不抵债会造成企业对新技术的“投资不足”,即放弃一代而等待下期采用二代新技术。而且,随着债务水平的增加,“投资不足”现象越为严重。
With two future generations of innovations and only one transfer of new technology,it uses binomial tree model to analysis the innovative investment behaviors of firm whose asset value is less than the face value of its issued debt. Under this case,it finds that there will be “Underinvestment” in the new technologies,that is,firm will abandon the first generation but wait to invest in the second generation of new technology in next period. Moreover,“Underinvestment” is more serious with the higher level of debt.
出处
《研究与发展管理》
CSSCI
北大核心
2005年第1期7-13,共7页
R&D Management
基金
国家自然科学基金资助项目(70272001)
关键词
实物期权
技术创新
财务困境
real option
technology innovation
financial distress
