System Analytic Approach to Financial Technology, Management and Governance

这一研究项目的目的是为了搞活最近陷入严重停滞的日本产业，找出相关的模式和经营原则。该研究首先考察了在第二次世界大战后推动日本经济惊人发展的独特模式。我们还考察了这些范式是如何随着20世纪90年代的到来而失去其有效性和活力的。主要调查结果包括建议通过新型激励合同和根据最近的社会变化趋势更新组织治理来振兴企业家精神。一些人把注意力放在了股权资本激励所带来的挑战和活力上。特别是，实物期权的框架被认为是推动创新的最有希望的基础，以适当的角度挑战未来的风险。在资助计划的支持下，每月举行一系列“向公众开放的研究会议：金融工程与管理”。2006年7月28日，在早稻田大学的西早稻田校区，积极参加研究会议的人意识到实物期权的重要性，并成立了日本实物期权与策略协会。研究结果整理并发表在两本单独的书中，如下所示。高森，陈志明，“金融工程在代理问题和合同设计中的应用”，《金融管理》，2006年第4期。日本实物期权和战略协会，主编，“实物期权和商业战略”，Sigma和Base Capital Corp., 2006。研究结果也记录在本研究项目的最终报告中。

This research project aimed at identifying relevant models and management principles for revitalizing Japanese industries that have been experiencing severe stagnation recently. The study began by examining those unique paradigms that drove the phenomenal development of Japanese economy after the devastation of the Second World War. We also examined how those paradigms lost their validity and vigor with the turn of 1990s. Major findings include recommendations for invigorating entrepreneurship via new types of incentive contract and renewing organizational governance in accordance with recent trends of social changes. Some focus was placed on the challenge and vigor that are driven by the incentives of equity capital. In particular, the framework of Real Option was identified as a most promising basis for driving innovation with the challenge to future risk in proper perspectives.Under the auspices of the Grant-in-Aid, a series of "Study Meeting Opened for Public : Financial Engineering and Management" was held monthly. The active participants in the study meetings came alive with the significance of Real Option and founded the Japan Association for Real Options and Strategy at the west Waseda campus of Waseda University on July 28, 2006.Research results are organized and published in two separate books, as follows.1. Takamori, H., and M. Ide, Ed., "Financial Engineering as Applied to Agency Problems and Contract Designs,", Toyo-Keizai-Shimpo, 20062. Japan Association of Real Options and Strategy, Ed., "Real Options and Business Strategy," Sigma and Base Capital Corp., 2006The research results are also documented in the final report of this research project.