在把R&D项目划分为研发阶段和商业化阶段的基础上,建立复合实物期权框架下的R&D项目多阶段投资决策模型,重点探讨了不完全信息条件下的研发投资时机确定问题。研究表明,当商业化投资成本离散系数较小时,不完全信息的存在对最优研发投资时机不产生影响;当商业化投资成本离散系数较大时,不完全信息的存在将加速研发投资进程,而且随着商业化投资成本离散系数的增大,不完全信息对研发投资的加速作用更加明显。
On the basis of the division of the R&D projects into research stage and the commercialize stage, focally re- searched the determination problem of research investment timing under incomplete information. It shows that when the dis- persion coefficient of commercialization investment cost is small, the existence of incomplete information has no impact on the research investment timing; when the dispersion coefficient is lager, the existence of incomplete information will accelerate the process of research investment, and with the increase of the dispersion coefficient, the accelerate impact of incomplete information on the process of research investment is more obvious.