本文首先运用实物期权思想构建政府保障资助效率模型,分析政府保障资助效率的决定因素,讨论政府保障资助的期权价值与保障资助强度间的关系。然后建立政府和企业资助强度博弈模型,分别讨论技术创新两阶段下政府和企业的博弈行为,分析政府资助强度决策的重要考虑因素,并得出项目投资的平均利润等于边际利润是政府和企业投入的平衡点。最后从政府角度给出了关于政府资助强度的建议。

By adopting the real option method, firstly, the model of government guarantee subsidization efficiency is setup, the determinants of government guarantee subsidization efficiency are analyzed and the relationship between the option value of government guarantee subsidization and guarantee subsidization intesity is discussed. Then the game model of government and enterprise's subsidization efficiency is built, the game behaviors of government and enterprise in the two phases of technological innovation are discussed, and the important determinants of government subsidization intensity are analyzed. The following the conclusion is drawn, that is, the investment balance of government and enterprise is that the average profit of the project investment is equal to the marginal profit. Finally, from the perspective of the government, the suggestion on government subsidization intensity is given.