【作者】 张洋；

【导师】 杨明；

【作者基本信息】 华中科技大学 ， 运筹学与控制论， 2009， 硕士

【摘要】 目前,全球经济一体化,跨国企业在中国的直接投资发展迅猛,对中国经济的发展和技术的进步产生了巨大的影响,这种影响具有双面性。国外企业与中国企业建立合资关系,是国外企业从自身利益出发做出的选择,而在合作过程中技术外溢是不可避免的风险,他们投资时需要权衡使用新技术的利弊问题;本国企业鼓励新技术的研发和使用,也需要权衡利益的分配和技术研发成本的分摊问题。本文是在上述背景下对中外合资技术研发的决策进行有理论和应用意义的研究。本文以A-J模型为基础,利用博弈论和实物期权的方法研究了国外企业和本国企业的最优技术投资决策。假定国外企业与本国企业按合资比例来分享使用新技术的利润和分摊新技术研发的成本,建立了相应的数学模型,用数量分析的方法研究了有溢出的情形下合资企业的最优新技术投资决策。整个研究分为三个部分:第一部分研究了在国外企业提供技术而本国企业承担部分研发费用的假设下合资企业双方的最优技术投资决策,分别研究了国外企业和非国有企业合资以及国外企业和国有企业合资时合资企业双方的最优技术投资决策;第二部分讨论了合资企业双方都投入新技术时双方的最优技术投资决策,分别研究了合资双方溢出对称且研发成本对称和合资双方溢出不对称或研发成本对称不对称时的情形;第三部分主要研究当市场需求不确定性时国外企业的技术投资期权,首先利用实物期权的方法得到投入新技术前后项目的价值和国外企业的技术投资期权的价值,然后通过分析得到国外企业的最优技术投资原则。更多还原

【Abstract】 With China’s entry into the WTO and the continuous development of economic integration, foreign direct investment (FDI) in China from the multinational corporations is developing rapidly, and there is a dramatic impact on China’s economic and technology development . Multinational corporations and Chinese enterprises establish joint ventures, it is the foreign enterprises choose by their self-interest. Technology spillover risk can not be avoided when they cooperate. Therefore, when foreign enterprises intend to invest new technology, they need to weigh the pros and cons of the issue. The domestic enterprises encourage the R&D investment, they need to consider the distribution of the interest and apportionment of expenses. The paper refers to the R&D decision-making of the joint ventures in the risk of the spillovers which is of significance to the theoretical and applied research.The paper is on the basis of the A-J model, then use game theory and real options method to analysis the principle of optimal decision-making of foreign enterprises and domestic enterprises. At first, the paper assumes that the domestic enterprises and the foreign enterprises share the profits and the cost by technology in proportion to their quotient, then construct a mathematical model, and uses the quantitative analysis method to analyze the optimal decision-making behavior of the joint venture.The study is divided into three parts, in the first part of this paper it discusses the optimal technology decision-making of the joint ventures under the assumption that the foreign venture provide the technology and the domestic enterprise share a part of the R&D cost. At first, it discusses the optimal technology investment decision between the foreign enterprise and the private enterprise, then discusses the case that the foreign enterprise and the state-owned enterprise. In the second part, it discusses the optimal technology decision-making of the joint ventures under the assumption that the foreign venture and domestic venture both invest in R&D. At first, it analyzes the optimal decision-making as the spillover of the two ventures is symmetrical and their R&D efforts are consistent and then analyze the case that their spillovers are asymmetric or their R&D efforts are inconsistent. In the third part it discusses the technology investment option of the foreign venture in uncertain market. At first it uses the real option approach to analyze the project values after and before the technology investment. Then it discusses the value of the technology investment option and the optimal investment principle.更多还原