【摘要】 20世纪90年代以来,创业过程和行为的研究逐渐取代了创业者人格特质的研究,成为创业研究的焦点。创业活动不同于一般的企业经营活动,而是一种基于机会的创业家行为,是不确定性条件下创业家与环境互动以实现特定目标的复杂过程。本文以实物期权理论为基础,探讨了非均衡市场条件下创业过程中灵活性决策的期权价值,并结合具体的算例对期权价值的影响因素进行了分析。更多还原

【Abstract】 Since 1990s,the research of entrepreneurship has been focused on the entrepreneurial process and behavior instead of the personality traits of the entrepreneur.Distinguished from ordinary business operations,entrepreneurial activities are actions taken by entrepreneurs who identify,evaluate and exploit opportunities in the conditions of uncertainty.Within the framework of non-equilibrium analysis,and from the viewpoint of real option,this paper examines the value of real options chain in entrepreneurial process.The characteristics and formation mechanism of option value are demonstrated and appreciated through a theorized model,and a corresponding example is given at the last.更多还原