论文部分内容阅读
不同的政府资助方式和资助金额对企业R&D项目的激励作用不同,因此需要确定合理的资助方式和金额使得资助政策发挥最大效用。本文采用实物期权分析方法,结合政府资助方式不同特点,建立了R&D项目期权定价模型和政府资助的实物期权模型。通过一个R&D项目实例,采用最小二乘蒙特卡洛模拟的方法进行数值模拟,得到各种资助方式下最优的资助金额,并对这些资助方式的效果进行了比较。结果表明,在模型的假设条件下,直接资助方式效率最高,综合考虑各方面因素税收优惠是最优的政府资助方式。
Different government subsidies and subsidies have different motivations for corporate R & D projects. Therefore, it is necessary to determine the reasonable mode and amount of subsidies to maximize the effectiveness of subsidy policies. Based on the real option analysis method and the different characteristics of the government subsidy method, this paper establishes the option pricing model of R & D project and the government-funded real option model. Through a R & D project example, the least squares Monte Carlo simulation method is used to conduct numerical simulation. The optimal funding amount under various funding modes is obtained and the effects of these modes of funding are compared. The results show that under the assumptions of the model, direct subsidy is the most efficient way, considering all aspects of tax incentives is the optimal way of government funding.