基于动态形成路径的关系资本投资决策——一个多阶段二项式实物期权方法

发布时间：2018-03-30 02:37

本文选题：关系资本　切入点：实物期权　出处：《会计之友》2017年09期

【摘要】：关系资本不是外生或免费获得的,而是企业与其利益相关者经过长期互动合作、进行专用性投资等形成的信任、默契、声誉等属于企业的独特关系资源,但目前学术界尚缺乏与此内涵相对应的投资决策模型。文章通过挖掘关系资本的动态形成路径——关系资本初步形成、加强阶段和高度异质化三个阶段,发现关系资本投资具有不确定、不可逆、动态多阶段等特征,而多阶段二项式实物期权模型是与之最为匹配的投资决策方法,它能够给出随标的资产变动路径的各阶段最优投资决策。由此,文章以客户关系资本为例,介绍了客户关系资本多阶段二项式实物期权投资决策模型的构建及求解过程,为企业在不确定环境下进行合理有效的关系资本投资决策提供了理论上的指导。
[Abstract]:Relational capital is not exogenous or free of charge, but the trust, tacit understanding, reputation and other unique relationship resources that the enterprise and its stakeholders form through long-term interactive cooperation, special investment, etc. However, there is still a lack of investment decision model corresponding to this connotation in academic circles. This paper explores the dynamic formation path of relational capital, namely, the initial formation of relational capital, the strengthening stage and the highly heterogeneous stage. It is found that relational capital investment has the characteristics of uncertainty, irreversibility and dynamic multi-stage, and the multi-stage binomial real option model is the most suitable investment decision method. It can give the optimal investment decision of each stage of the changing path with the underlying asset. Therefore, taking customer relationship capital as an example, this paper introduces the construction and solution process of the multi-stage binomial real option investment decision model of customer relationship capital. It provides theoretical guidance for enterprises to make rational and effective relational capital investment decision under uncertain environment.
【作者单位】：江西财经大学会计学院;
【基金】：全国会计科研课题“基于广义资本及其价值创造的动态财务管理理论研究——一个演化分析的新视角”(2015KJB027) 江西省软科学研究计划项目“基于动态多阶段的风险投资项目决策复合实物期权模型建构及其应用研究”(20122BBA10106);江西省软科学研究计划项目“基于实物期权的创业板高科技企业IPO估价方法研究”(赣财教指2014:14) 江西省教育厅(2016年)科技研究重点项目“企业智力资本形成机理及价值驱动作用机制研究——以江西省高新技术企业为例”
【分类号】：F830.59

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