A Survey and Outlook of Real Option Approach to and Influencing factors of the Valuation of R&D Investments
- 2009年第2卷 
作为R&D投资决策价值评价的新兴适用方法，R&D投资决策期权价值理论的相关研究近年来备受关注，有关建模也获得了长足的发展。但现存文献较多地考虑了投资成本不可逆性、技术与市场不确定性，而对动态竞争环境下融资约束与激励政策不确定性以及动态竞争战略的内生不确定性考虑不足，针对R&D投资决策期权理论命题所进行的实证检验工作大大滞后于其理论研究的进展。在综述与评价现有文献基础上，本文对未来可能的研究方向进行了展望。As an alternative method of making R&D investment decisions，the real option approach to the valuation of R&D investments has recently received much attention. Some important models have been developed. While the literature emphasizes the irreversibility of investment costs and the uncertainty of technology and market demand, the potentially important roles of financial constraints, incentive policy uncertainty under dynamic competitive environment, and the endogeneous uncertainty of dynamic competitive strategies have been overlooked. In addition, the empirical studies fall far behind the recent theoretical developments. This paper surveys the current literature and discusses potential future developments in this research area.