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      科研管理 2008, Vol. 29 Issue       (4) :82-88  论文   DOI:
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       具有序列投资的R&D联盟组织结构研究 /FONT /P
         薛明皋,龚朴  
            华中科技大学管理学院,湖北 武汉430074  
       Study on the R&D alliance governance structure with the sequential investment
       Xue Minggao, Gong Pu
       
Department of finance, school of management, Huazhong University of
Science and Technology, Wuhan 430074, China
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摘要     本文研究开发了两阶段序列投资道德风险模型。基于价格和成本这两个影响R&D项目价值的关键因素,建立道德风险模型,并比较专有权、共同所有权和期权合同(Option Contract)三种R&D联盟组织结构,分别讨论结盟的两公司的投资决策及其投资的相互依赖性,和关键的协议参数对两公司最优投资水平的影响。并证明了期权合同组织结构占优于其他所有权组织结构。从而对期权合同近年来使用越来越多的原因给出了理论解释。  
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薛明皋
龚朴
关键词R&   D联盟   道德风险   专有权   共同所有权   期权合同     
Abstract:     A two-period moral hazard model with the sequential investment in the R&D alliance is studied. This moral hazard model is based on the price and cost that are two key factors affecting the R&D value. The governance structures in R&D alliance under exclusive or joint ownership and option contracts are analyzed and compared, the investment decisions of firm A and firm B, and the effect of key parameters on their first-best investment levels are discussed. Finally, it is proved that option contract strictly dominates other ownership structure. The results offer a theoretical explanation why partners in the R&D alliance frequently use contingent ownership structures to govern their relationship, and why their initial arrangement is often modified over the time.    
KeywordsR&D alliance   moral hazard   exclusive ownership   joint ownership   option contract     
Received 2007-05-01;
引用本文:   
薛明皋,龚朴.具有序列投资的R&D联盟组织结构研究 /FONT /P[J]  科研管理, 2008,V29(4): 82-88

Xue Minggao, Gong Pu

.Study on the R&D alliance governance structure with the sequential investment[J]  Science Research Management, 2008,V29(4): 82-88
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