Joint Ventures and the Option to Expand and Acquire
Joint Ventures and the Option to Expand and Acquire
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DOI：
10.1287/mnsc.37.1.19
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发表时间：
1991-01
影响因子：
5.4
通讯作者：
B. Kogut
中科院分区：
文献类型：
--
作者：
B. Kogut
本文发展了这样一种观点，即合资企业是作为真实的选择而创建的，以应对未来的技术和市场发展。选择权的行使伴随着对企业的收购。据推测，收购的时机应该由产品市场信号触发，表明企业的估值增加。基于92个制造业合资企业的样本，通过估计产品市场信号对收购风险的影响来检验这一假设。结果表明，产品市场的意外增长增加了收购的可能性;产品出货量的意外短缺对解散的可能性没有影响。结果的这种不对称性强烈支持将合资企业解释为扩张的选择。
This article develops the perspective that joint ventures are created as real options to expand in response to future technological and market developments. The exercise of the option is accompanied by an acquisition of the venture. It is hypothesized that the timing of the acquisition should be triggered by a product market signal indicating an increase in the venture's valuation. Based on a sample of 92 manufacturing joint ventures, this hypothesis is tested by estimating the effect of product market signals on the hazard of acquisition. The results indicate that unexpected growth in the product market increases the likelihood of acquisition; unexpected shortfalls in product shipments have no effect on the likelihood of dissolution. This asymmetry in the results strongly supports the interpretation of joint ventures as options to expand.