中文摘要：

通过分析渠道关系的合作基础和渠道关系价值的实物期权特性，并从实物期权角度出发，对渠道关系价值进行评估。该评估充分考虑了渠道关系价值的长期性、动态性和管理灵活性，将渠道关系价值分为核心价值和实物期权价值。在此基础上，提出了离散交易型渠道关系策略、稳定协调型渠道关系策略、交叉演变型渠道关系策略和战略成长型渠道关系策略等四种渠道关系管理策略。

英文摘要：

This paper firstly analyzes the cooperation foundation of channel relationship and the real options charac- teristics of channel relationship value. Then it evaluates the channel relationship value from the view of real options. The evaluation of channel relationship value considers the characteristics of long term and dynamics and management flexibility of channel relationship value. It divides channel relationship value into core value and real options value. Based on the division of channel relationship value, it proposes four management strategies including the discrete transaction strategy of channel relationship, the stable harmony strategy of channel relationship, the intersectional evolvement strategy of channel relationship and the strategic development strategy of channel relationship.