【摘要】 本文以中国上市公司为样本,以实物期权理论为基础,实证分析了企业的学习(以研发费用为代表)和控制行为(以广告费用为代表),管理者的学习行为(以管理经验和社会网络关系为代表)对企业成长价值的影响。结果表明,管理者的学习行为与企业成长价值显著正相关;在一定支出水平下,企业的学习行为和控制行为与企业成长价值正相关;学习行为相对于控制行为而言更为重要。部分行业存在研发支出和广告支出的临界支出水平。更多还原

【Abstract】 The firm’s growth options value is an important part of firm’s value.The authors of this article estimate the present value of growth options(PVGO)for a sample of China listed compa-nies based on real option theories,then explain the present value of growth options using firm and market characteristics(includ-ing managers’characteristics,which are not concerned in most PVGO research).The authors then find that a firm’s present value of growth options is positively related to the firm’s learning actions(based on firm’s R&D expense),manager’s learning actions(based on managers’management experience and social relationship net)and firm’s control actions(based on firm’s advertisement expense).The researchers also find a negative relationship between firm’ s size and present value of growth options,which suggesting that large firms may be more sluggish in taking advantage of growth options.Further,they find that the importance of learning actions prior to control actions.What’s more,in some industries,the R&D expense and advertisement expense have a critical expending level,not"the more the better",and the U shape relationship is found.The authors also examine the relationship between a firm’s present value of growth options and market structure.The results show that the market concentration level,firm’s leverage,intangible asset,and stock structure have showed no effect on the firm’s present value of growth options.Overall,their empirical tests verify the theoretical predictions in the real option model literature about volatility and real option value etc.Understanding these real options implications may improve the manner in which managers develop strategies.更多还原