Strategic Investment: Real Options and Games
Strategic Investment: Real Options and Games
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发表时间：
2004-07
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通讯作者：
Han T. J. Smit;L. Trigeorgis
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作者：
Han T. J. Smit;L. Trigeorgis
长期以来，企业财务和企业战略一直被视为同一枚硬币的两面。尽管两者都关注同样广泛的问题——投资决策，但两者之间——以及理论与实践之间——的差距仍然大得令人尴尬。这本书综合了公司金融和相关领域的前沿发展，特别是实物期权和博弈论，以帮助弥合这一差距。Han Smit和Lenos Trigeorgis在清晰、直接的阐述中，通过来自不同行业的大量例子和应用，提出了竞争战略的扩展估值框架。这本书遵循一种解决问题的方法，综合了博弈论、实物期权和战略的思想。从期权游戏的角度思考可以帮助管理者解决以下问题：什么时候最好早投资以抢占竞争对手的先机，什么时候应该等待？企业应该在研发上竞争还是采取包容的立场？如何评估增长选择或基础设施投资的价值？作者提供了广泛的估值例子，如收购策略、高科技领域的研发投资、联合研究企业、消费电子产品的引入、基础设施和石油勘探投资。《战略投资》代表了超越标准实物期权或战略分析的重要一步，并以严谨的方式扩展了实物期权和战略思维的力量，将成为企业管理者、MBA学生和学者们不可或缺的指南和资源。
textabstractCorporate finance and corporate strategy have long been seen as different sides of the same coin. Though both focus on the same broad problem, investment decision-making, the gap between the two sides--and between theory and practice--remains embarrassingly large. This book synthesizes cutting-edge developments in corporate finance and related fields--in particular, real options and game theory--to help bridge this gap. In clear, straightforward exposition and through numerous examples and applications from various industries, Han Smit and Lenos Trigeorgis set forth an extended valuation framework for competitive strategies. The book follows a problem-solving approach that synthesizes ideas from game theory, real options, and strategy. Thinking in terms of options-games can help managers address questions such as: When is it best to invest early to preempt competitive entry, and when to wait? Should a firm compete in R&D or adopt an accommodating stance? How does one value growth options or infrastructure investments? The authors provide a wide range of valuation examples, such as acquisition strategies, R&D investment in high-tech sectors, joint research ventures, product introductions in consumer electronics, infrastructure, and oil exploration investment. Representing a major step beyond standard real options or strategy analysis, and extending the power of real options and strategic thinking in a rigorous fashion, Strategic Investment will be an indispensable guide and resource for corporate managers, MBA students, and academics alike.