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在不确定和竞争的环境下,企业战略投资价值实现方式的选择或治理模式的选择成为关系战略投资战略价值实现的根本问题。若基于交易成本理论来选择战略投资的治理模式,势必影响企业的重大战略时机和战略价值的实现;而基于期权观的治理理论来选择战略投资的治理模式,不但可以确保战略投资灵活性期权价值的实现,而且能最大化实现企业的战略价值。本文对企业的4类战略投资(技术研发投资、战略原料投资、战略市场投资、战略人力资本投资)的治理问题的具体分析证明了期权治理观的观点。
In the uncertain and competitive environment, the choice of the way of realizing the strategic investment value or the choice of the governance mode becomes the fundamental issue that relates the strategic value of the strategic investment. Choosing the governance model of strategic investment based on the transaction cost theory will inevitably affect the major strategic opportunities and the realization of the strategic value of the enterprise. And the governance theory based on the option concept to choose the governance model of strategic investment will not only ensure the value of the strategic investment flexibility option The realization, but also to maximize the strategic value of the enterprise. This paper analyzes the governance of four kinds of strategic investment (R & D investment, strategic raw material investment, strategic market investment and strategic human capital investment) of enterprises, which proves the view of option governance.