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产品的设计创新已经成为企业培养和维持核心竞争优势的关键。已有文献较少基于经济管理的视角来探讨不确定条件下企业设计创新所具有的实物期权特性,且传统的DCF无法对管理决策柔性做出科学的评价。为此,根据实物期权理论,构建企业设计创新的投资时机模型,并利用案例证明该模型的科学性和可行性。结果表明,企业在DCF分析的同时,应充分考虑企业设计创新的投资期权价值,把握最佳投资时机,实现科学决策。
Product design innovation has become the key to cultivate and maintain the core competitive advantage of enterprises. The existing literatures do not discuss the real option characteristic of the enterprise design innovation under the uncertain conditions from the perspective of economic management, and the traditional DCF can not make a scientific evaluation of the management decision flexibility. Therefore, according to the theory of real option, the investment opportunity model of enterprise design innovation is constructed, and the case is used to prove the scientificity and feasibility of the model. The results show that while analyzing the DCF, enterprises should give full consideration to the value of the investment option of enterprise design and innovation, grasp the optimal investment opportunity and make scientific decisions.