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经营管理柔性的存在使得投资者在R&D项目投资决策过程中具有某种相机选择权,这种相机选择权与实物期权具有相似的特点。本文针对这个问题,简要分析了传统投资项目决策NPV法的缺陷与不足,提出从实物期权的角度来分析R&D项目投资决策上的管理柔性,进一步揭示隐含在R&D不确定性投资中的价值,最后对实物期权的应用提出一些改进建议。
The existence of management flexibility makes investors have some kind of camera option in the R & D project investment decision-making process. This kind of camera option has the similar characteristics with the real option. In view of this problem, this paper briefly analyzes the shortcomings and shortcomings of the traditional investment project decision-making NPV method, proposes the management flexibility of R & D project investment decision-making from the perspective of real options, further reveals the hidden value in the R & D uncertainty investment, Finally, some suggestions for improvement of real option are put forward.