主流的交易成本理论适于解释基于企业知识利用的传统产品联盟决策,而实物期权理论更适于诠释基于企业知识开发的新兴联盟机理。依据知识联盟阶段性创新的特点,结合联盟期权设计和评价的内在性要求,利用二叉树期权定价模型对上述观点加以论证。结果表明,资产重组复合期权的有效评价有助于企业做出正确的知识联盟决策,联盟资产价格的不确定性和联盟成员创新投资比例的变化会造成联盟成员之间的价值创造差异,联盟成员即使能够独立完成知识创新项目,仍然可以通过联盟期权的战略选择实现应对不确定性环境的相对优势。
The dominant transaction cost theory is adapted to explain the decision-making of traditional product alliance based on enterprise knowledge exploitation, while real options theory is more suitable to analyze the mechanism of emerging alliance based on enterprise knowledge exploration. According to the trait of stage innovation of Knowledge alliance, combined with the inherent request of design and value of alliance options, the study uses the binomial option tree model to analyze above views. The result indicates that the effective evaluation of asset restructuring compound option benefits enterprises to make proper strategic alliance decision. The uncertainty of alliance asset price and the proportion of innovation investment of alliance members cause the differences of value creation. Even if alliance member can accomplish innovation solely, it will hold the relative advantage to deal with uncertainty through the strategic choice of alliance options.