A Study of Optimal R&D Investment Decision: the View of Real Option
碩士 === 銘傳大學 === 財務金融學系碩士班 === 92 === This study examines the firm how to make the optimal R&D investment decision when the market has only one firm and has a pioneer firm according to different the cost of capital, the number of technology jumping and the expected cash flow. We use Mathematica 4...
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ndltd-TW-092MCU002140092015-10-13T16:22:46Z http://ndltd.ncl.edu.tw/handle/92556455203974261450 A Study of Optimal R&D Investment Decision: the View of Real Option 企業最適R&D投資決策之研究:以實質選擇權之觀點 Chen Ying-Chun 陳盈君 碩士 銘傳大學 財務金融學系碩士班 92 This study examines the firm how to make the optimal R&D investment decision when the market has only one firm and has a pioneer firm according to different the cost of capital, the number of technology jumping and the expected cash flow. We use Mathematica 4.1 to make numerical analysis. The results are blow: When the market has only one firm, we find 1.the positive relation between the real option’s strike price and the cost of capital and the negative relation between the real option’s payoff and the cost of capital. 2.the positive relation between the real option’s strike price and the number of technology jumping and the negative relation between the real option’s payoff and the number of technology jumping. 3.the positive relation between the real option’s strike price and the expected cash flow. 4.if the firm has to develop by itself, the real option’s strike price will higher than the firm that has various ways to help it develop. When the market has pioneer firm, we find 1.if the expected cash flow is small, the follower firm doesn’t join the R&D investment. 2.if the expected cash flow is medium or large, the follower firm which has more the number of technology jumping than pioneer has the negative relation between the real option’s payoff and the cost of capital. 3. if the expected cash flow is medium or large, the follower firm which has less the number of technology jumping than pioneer has the positive relation between the real option’s payoff and the cost of capital. Keywords: Real Option, R&D investment decision, patent Jeng Chang-Shuen 鄭昌錞 2004 學位論文 ; thesis 107 zh-TW |
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碩士 === 銘傳大學 === 財務金融學系碩士班 === 92 === This study examines the firm how to make the optimal R&D investment decision when the market has only one firm and has a pioneer firm according to different the cost of capital, the number of technology jumping and the expected cash flow. We use Mathematica 4.1 to make numerical analysis. The results are blow:
When the market has only one firm, we find
1.the positive relation between the real option’s strike price and the cost of capital and the negative relation between the real option’s payoff and the cost of capital.
2.the positive relation between the real option’s strike price and the number of technology jumping and the negative relation between the real option’s payoff and the number of technology jumping.
3.the positive relation between the real option’s strike price and the expected cash flow.
4.if the firm has to develop by itself, the real option’s strike price will higher than the firm that has various ways to help it develop.
When the market has pioneer firm, we find
1.if the expected cash flow is small, the follower firm doesn’t join the R&D investment.
2.if the expected cash flow is medium or large, the follower firm which has more the number of technology jumping than pioneer has the negative relation between the real option’s payoff and the cost of capital.
3. if the expected cash flow is medium or large, the follower firm which has less the number of technology jumping than pioneer has the positive relation between the real option’s payoff and the cost of capital.
Keywords: Real Option, R&D investment decision, patent
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author2 |
Jeng Chang-Shuen |
author_facet |
Jeng Chang-Shuen Chen Ying-Chun 陳盈君 |
author |
Chen Ying-Chun 陳盈君 |
spellingShingle |
Chen Ying-Chun 陳盈君 A Study of Optimal R&D Investment Decision: the View of Real Option |
author_sort |
Chen Ying-Chun |
title |
A Study of Optimal R&D Investment Decision: the View of Real Option |
title_short |
A Study of Optimal R&D Investment Decision: the View of Real Option |
title_full |
A Study of Optimal R&D Investment Decision: the View of Real Option |
title_fullStr |
A Study of Optimal R&D Investment Decision: the View of Real Option |
title_full_unstemmed |
A Study of Optimal R&D Investment Decision: the View of Real Option |
title_sort |
study of optimal r&d investment decision: the view of real option |
publishDate |
2004 |
url |
http://ndltd.ncl.edu.tw/handle/92556455203974261450 |
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