Intellectual capital and real options: agency theory and the dynamics of R&D investments

Andreas Andrikopoulos

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Intellectual capital and real options: agency theory and the dynamics of R&D investments

机译：智力资本和实物期权：代理理论与研发投资动态

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The real-options approach to R&D investment can be expanded through the integration of explicit modelling for knowledge value dynamics as well as agency-theoretic analysis. Our objective is to combine the market-related dynamics of the demand for R&D products with the firm-specific organisational dynamics of knowledge accumulation and value creation through knowledge. This objective is accomplished using the partially complete markets framework in real options. We introduce the knowledge-related significance of option-pricing parameters and show how these parameters affect investment policies and agency conflicts in R&D and intellectual capital decision making.

机译：通过集成用于知识价值动态的显式模型以及代理理论分析，可以扩展R＆D投资的实物期权方法。我们的目标是将研发产品需求的市场相关动态与知识积累和通过知识创造价值的公司特定组织动态相结合。该目标是通过使用部分完整的实物期权市场框架来实现的。我们介绍了期权定价参数与知识有关的重要性，并说明了这些参数如何影响投资政策以及研发和智力资本决策中的代理冲突。

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《International journal of learning and intellectual capital》 |2008年第1期|p.20-32|共13页
作者
Andreas Andrikopoulos;
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作者单位

Department of Financial and Management Engineering University of the Aegean 31 Fostini Str, 82 100, Chios. Greece;

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原文格式 PDF
正文语种 eng
中图分类 f;
关键词
real options; intellectual capital; agency theory; RD investment;

机译：实物期权;智力资本;代理理论;研发投入;

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机译：具有跌落障碍选择权的公共部门研发投资的实物期权估值
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3. Drivers for voluntary intellectual capital reporting based on agency theory [J] . Goebel Viktoria Journal of Intellectual Capital . 2019,第2期

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4. MOVE FROM TAKING RISK TO MANAGING UNCERTAINTY USING REAL OPTIONS AS A STRATEGIC AND CAPITAL INVESTMENT TOOL. A CASE FOR USING OPTION PRICING MODEL (OPM) TO EVALUATE PROJECT INVESTMENT [C] . V.R. (Perry) Parthasarathy APPI PEERS Conference . 2013

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5. Real options and the management of R&D investment: An analysis of comparative advantage, market structure, and industry dynamics in biotechnology. [D] . Lavoie, Brian F. 2004

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7. How Do Agency Theory, Stewardship Theory and Intellectual Capital as a Solution for Agency Conflict? [O] . Alni Rahmawati, Moeljadi Moeljadi, Djumahir Djumahir, 2018

机译：机构理论如何，管理理论和智力资本作为机构冲突的解决方案？

Intellectual capital and real options: agency theory and the dynamics of R&D investments

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