共查询到20条相似文献，搜索用时 15 毫秒
1.
面对日渐繁荣的中国房地产市场,房价涨幅过快、过高已经是一个不容回避的问题。房地产期权作为一种创新型投资理财工具,在欧美和亚洲金融衍生品市场几乎完全空白,能够有效对冲房价过快上涨的风险,改变中国购房者传统购房观念,间接缓解房地产价格过快上涨的压力。本文基于中国市场对以房地产价格为标的物的期权产品进行研究,以西安市房地产市场为例进行模拟分析,结果表明,房地产期权可以满足普通购房者对冲房价过快上涨的避险需求,转变传统购房观念,缓解短期购房压力,降低房地产市场的整体风险,在一定程度上促进房地产市场平稳有序的发展,具有十分显著的现实应用价值。 相似文献
2.
Ignacio Tamayo-Torres Author Vitae Antonia Ruiz-Moreno Author Vitae Antonio J. Verdú Author Vitae 《Industrial Marketing Management》2010,39(7):1120-1127
In dynamic sectors, organizations should be capable of adapting to unpredictable environmental conditions. Strategic flexibility grants organizations the capacity to respond to the changes in their environment in the direction required, renewing their strategies and making the required organizational changes. The goal of this study is to analyze how the use of real options relates to strategic flexibility from a managerial capacity perspective. Through an empirical study performed on European firms, we confirm that innovative capacity exercises a moderating role between real options and strategic flexibility. The fact that a firm's management has foreseen and contemplated real options does not necessarily lead to their execution; they must also be accompanied by some innovative capacity. 相似文献
3.
How do small firms manage their alliance strategies with large firms? This study compares the relative impacts of exploration and exploitation alliances with large firms on small firms' valuation. Integrating the literatures on the exploration/exploitation paradigm and alliance governance, we argue that exploitation alliances with large firms will on average generate higher values for small firms than exploration alliances with large firms due to a heightened risk of appropriation in exploration alliances. However, if small firms can manage their alliances with large firms via proper alliance governance, they will increase their valuations from exploration alliances with large firms. Analyses of the U.S. biopharmaceutical industry from 1984 to 2006 largely support our hypotheses. Copyright © 2013 John Wiley & Sons, Ltd. 相似文献
4.
DIY:企业组织分析的另一个视角 总被引：17，自引：4，他引：17
本文从用户DIY的角度出发 ,认为产品的模块性是这个消费模式得以实现的条件 ;产品模块性促成了企业组织的模块性。企业组织的模块性能够很好地适应用户的DIY需求 ,因而能够很好地解决市场的不确定性问题。企业组织模块性对于不确定性的作用可以刻画为一种实期权 ,因而组织模块化将产生期权价值 相似文献
5.
Massimo G. Colombo 《战略管理杂志》2003,24(12):1209-1229
This paper analyzes factors that influence firms' choice of the organizational form of strategic alliances. I consider arguments suggested by both the contractual and the competence perspectives. In order to distinguish empirically between them, I devote special attention to the role played by the similarity of partner firms' technological specialization. In the empirical section I consider a sample composed of 271 equity joint ventures, non‐equity bilateral and unilateral agreements established between each other in the period 1983–86 by 67 North American, European, and Japanese enterprises from the world's largest firms in information technology industries. I examine the effects on the choice of alliance form of a measure of firms' technological proximity based on patents count, while controlling for other variables that are usually considered in the empirical literature. The estimates of binomial and multinomial logit models support the competence‐based argument that in technological alliances divergence in partners' technological specialization results in a higher propensity to use equity forms. Overall, the findings suggest that both the contractual and competence perspectives provide valuable complementary insights into the determinants of alliance form. Copyright © 2003 John Wiley & Sons, Ltd. 相似文献
6.
商业地产开发投资中存在投资的不可逆性、外部环境的不确定性和决策的灵活性,因而具有实物期权特性。从确定要解决的问题、分析不确定性的来源、鉴别关键的不确定性因素、识别实物期权类型、构建期权定价模型、计算项目价值、检查计算结果和重新设计8个方面,构建了商业地产投资决策的实物期权分析框架。 相似文献
7.
Real options reasoning (ROR) is a conceptual approach to strategic investment that takes into account the value of preserving the right to make future choices under uncertain conditions. In this study, we explore firms' motivations to invest in a new option. We find, based on an analysis of a large sample of patents by firms active in the pharmaceutical industry, that their investments in R&D are consistent with the logic of ROR. We identify three constructs—scope of opportunity, prior experience, and competitive effects—which have an influence on firms' propensity to invest in new R&D options and which could usefully be incorporated in a strategic theory of investment. Copyright © 2003 John Wiley & Sons, Ltd. 相似文献
8.
Timothy B. Folta 《战略管理杂志》1998,19(11):1007-1028
This study elaborates upon the motives for initiating equity-based collaborations vs. acquisition of another firm already having a desired technology. We characterize both minority direct investments and joint ventures as options to defer either internal development or acquisition of a target firm. In domains where learning about growth opportunities dominates investment activity, this incremental mode of governance economizes on the cost of committing resources to a technology with an uncertain value. Using a sample of 402 transactions in the biotechnology industry, we find strong support for the theoretical model. The findings suggest that the cost of commitment in the face of technological uncertainty may offset the administrative benefits of hierarchical governance. © 1998 John Wiley & Sons, Ltd. 相似文献
9.
Real options reasoning emphasizes the strategic value of making flexible investments in a turbulent environment. Employees' investments in specific human capital are often critical to the success of a real option project, but the very flexibility that allows a firm to change course in response to new information also affects employees' incentives to make such specific human capital investments. We develop a model of real option investment that explicitly incorporates the role of employee incentives. The model suggests that the effect of investing in a real option project on employee incentives may be positive, further increasing the value of the project, or negative, sometimes more than offsetting the benefit of flexibility and resulting in reduced project value. Therefore, firms and managers should take into consideration the role of employee incentives when applying real options logic to investment decision making. Copyright © 2008 John Wiley & Sons, Ltd. 相似文献
10.
传统净现值法主要适用于不确定性很小的投资项目，不适用于如石油开发这种高风险的项目。文章介绍了一种新的评估方法：实物期权法。以石油开发为例，介绍了实物期权的模型及类型，并对该方法的的适用性做了简单评述。 相似文献
11.
We examine the performance implications of selecting alternate modes of governance in interorganizational alliance relationships. While managers can choose from a range of modes to govern alliances, prior empirical evidence offers limited guidance on the performance impact of this choice. We use an agent‐based simulation of interfirm decision making to complement empirical studies in this area. Our results point to a complex interplay between interdependencies, governance structures, and firms' search capabilities. Different patterns of interdependence create varying needs with respect to coordination and exploration, while at the same time different governance modes, coupled with organizational search capabilities, supply varying degrees of these factors. Firm performance in an alliance relationship improves when the needs and supplies of coordination and exploration are matched. We find situations in which stronger organizational search capabilities can backfire, leading to lower exploration within the alliance relationship, and hence to lower firm performance. Moreover, we show that for higher levels of interdependence, coordination can become more critical for firm performance than exploration: unless it is tied to coordination, exploration can be ineffective in alliance settings. Copyright © 2010 John Wiley & Sons, Ltd. 相似文献
12.
When facing uncertainty, firms entering new markets can make initial foothold investments rather than undertake large sunk investments. Such investments are real call option purchases. They offer management flexibility, but also raise questions about whether and when to increase commitments to new markets. We present an entry timing decision criterion and discuss its application to a variety of market entry situations. Optimal timing for exercising real options depends on current dividends, possibilities for preemption, and whether the option is simple or compound, proprietary or shared. Our analysis reveals critical assumptions and new theoretical insights regarding market entry timing. Copyright © 2002 John Wiley & Sons, Ltd. 相似文献
13.
The aim of this study is to provide new theoretical insights and empirical evidence on the effect of market and technological uncertainty on the market valuation of a firm's R&D capital. A set of hypotheses is developed adopting a real options logic and tested on a panel dataset of 290 manufacturing firms traded in the UK. Consistently with our theoretical model, we show that market and technological uncertainty have distinct effects on the valuation of R&D investments. The results have several important implications for resource allocation to R&D under uncertainty, which we discuss in the concluding section. Copyright © 2008 John Wiley & Sons, Ltd. 相似文献
14.
Kent D. Miller 《战略管理杂志》1998,19(5):497-514
Most corporate risk management research focuses on particular risk exposures to the exclusion of other interrelated exposures. By contrast, this study models corporate risk exposures using a multivariate approach integrating the distinct exposures of interest to finance, international business, and strategy researchers. The paper addresses the implications of multivariate modeling for corporate risk management, some key methodological issues arising in empirical estimation of corporate economic exposures, and directions for research on integrated risk management. © 1998 John Wiley & Sons, Ltd. 相似文献
15.
Arkadiy V. Sakhartov 《战略管理杂志》2018,39(4):1059-1082
Research Summary : Stock market undervaluation of resources was often assumed to have strategic implications. Such undervaluation lets firms buy resources relatively cheaply, but it can also constrain resource deployment. This article shows that the option to redeploy a firm's resources to a new business can be undervalued in stock markets when investors face ambiguity about that option due to uniqueness of redeployment. The developed formal model derives conditions under which stock markets undervalue resources. Those conditions are summarized with an empirical operationalization that can be tested with a broad range of strategic implications. Besides, the model provides a more complete account of resource redeployability by demonstrating the redeployability paradox. The paradox highlights that some determinants of redeployability enhance undervaluation, while simultaneously increasing objective value of redeployable resources. Managerial Summary : Stock markets can systematically undervalue resources. On the one hand, such undervaluation creates a profitable opportunity for a firm that needs some resources for its growth and compares the option to buy stock in another firm, whose resource are undervalued, with the option to build those resources internally. On the other hand, such undervaluation poses limits to resource deployment strategies of the undervalued firm. When does such undervaluation occur? This study highlights one possible source for undervaluation, ambiguity that is faced by stock market investors about the option to redeploy a firm's resources to a new business. The study specifies conditions under which stock markets are more likely to undervalue resources. The understanding of those conditions can guide managers toward strategic opportunities. 相似文献
16.
Existing studies of exit delay typically focus on rational, behavioral, or organizational explanations in isolation. We integrate these different theoretical explanations, develop testable hypotheses for each, and examine them using the population of US banks between 1984 and 1997. Banks' exit behavior is not consistent with theories emphasizing the option value of avoiding reentry costs. Patterns of exit do, however, support models of rational delay under ability uncertainty. Controlling for this source of rational delay, we find evidence of delay due to behavioral bias—firms discount negative signals of profitability relative to positive signals—and organizational considerations—delay increases with the separation of ownership and control. These results demonstrate that all three sets of theories are necessary to describe exit behavior. Copyright © 2014 John Wiley & Sons, Ltd. 相似文献
17.
Research summary : When war occurs in a country, some foreign multinational enterprises (MNEs) stay on, while others flee. We argue that MNE responses to external threats depend on the firm's vulnerability, which we decompose into exposure (proximity to threat), at‐risk resources (potential for loss), and resilience (capacity for coping). We test the independent and interactive effects of these dimensions using a geo‐referenced sample of 1,162 MNE subsidiaries in 20 war‐afflicted countries between 1987 and 2006. We find that highly valuable resources can become liabilities when exposed to harm, and the best way to cope with external threats may be to exit. Our findings extend the resource‐based view and real options theory by demonstrating the bounded value of resources and options in the face of environmental contingencies. Managerial summary : A recent survey of multinational enterprise (MNE) executives revealed that 30 percent of the respondents believed that their firms were exposed to collateral damage from war, with more than 90 percent expecting risks to rise. Yet, 25 percent of the executives indicated that their firms had no continuity plan. Our study of MNEs in war‐afflicted countries highlights the costs of not having a response strategy in place. We find that, in war zones, otherwise highly valuable locations and resources can become sources of vulnerability that prompt early withdrawal from a host country. Our work further highlights the value of real options thinking—where structural solutions such as building redundancy into a portfolio of options may exist in advance of problems—for navigating hostile environments. Copyright © 2016 John Wiley & Sons, Ltd. 相似文献
18.
This paper examines the implications of real options theory for both the decision to divest a business unit and the mode of divestment. It is shown that the decision to divest a business unit and the decision to engage in staged modes of divestment are both sensitive to uncertainty, consistent with a real options logic. However, in the face of uncertainty, the results suggest that staged forms of governance create real options that are of lesser value as compared to simply not divesting a business unit and also as compared to completely divesting a business unit. Thus, this study shows that firms have real options of varied value to choose from in the context of divestments. Copyright © 2014 John Wiley & Sons, Ltd. 相似文献
19.
何军锋 《石油化工技术经济》2006,22(2):52-54,58
在风险投资项目中，不确定性对风险项目投资评价、决策起到了决定性的作用。运用实物期权原理分析了不确定性对风险投资项目评价和决策的影响，通过风险中性概率方法将这些影响予以定量化，并进一步对实际投资行为作出解释。 相似文献
20.
How do firms allocate limited search resources among substituting technologies with uncertain prospects? This paper contrasts three different approaches. The first follows evolutionary theorists' portrayals of decision‐making processes under bounded rationality. The second approach—real option reasoning—fosters flexibility by investing in more than one technology and postponing the decision to specialize. Following the third approach—real option pricing—firms base their search investments on forward‐looking calculations of technology option prices. We lay out the contrasting theoretical assumptions behind each of these three approaches and construct a simulation model to compare their implications. Copyright © 2004 John Wiley & Sons, Ltd. 相似文献