뗚25뻭뗚5웚커몺샭릤듳톧톧놨ꆤ탅쾢폫맜샭릤돌냦쓪10퓂JOURNALOFWUT(INFORMATION&MANAGEMENTENGINEERING)컄헂뇠뫅:1007-144X(2003)05-0132-04쪵컯웚좨뗄럖샠벰웤쪵샽럖컶춿욽1,헅ퟓ룕1,췵쫀뒺2(1.뮪훐뿆벼듳톧맜샭톧풺,뫾놱커몺430074;2.놱뺩쫗병랿뗘닺움맀폐쿞릫쮾,놱뺩100006)햪ꆡ튪:쪵컯웚좨쫇웚좨샭싛퓚춶뻶닟맜샭훐뗄튻룶탂탍펦폃ꆣ쪵컯웚좨샭싛돤럖뾼싇맜샭헟뷸탐춶뻶닟쪱펵폐뗄쇩믮톡퓱좨,늢붫룃훖좨솦폨틔솿뮯,듓뛸횤쏷톡퓱좨쫇폐볛횵뗄,룄뇤쇋뒫춳뗄춶맛쓮뫍움볛랽램ꆣ컄훐뛔쪵컯웚좨뗄믹놾쳘탔뷸탐쇋쏨쫶,뛔쪵컯웚좨뗄훖샠뷸탐쇋뮮럖뫍럖컶,늢뛔웤퓚쪵볊춶훐뗄펦폃뷸탐쇋쪵샽럖컶ꆣ맘볼듊:웚좨;쪵컯웚좨;럖샠훐춼램럖샠뫅:ꆡꆡꆡ컄쿗뇪쪶싫:A1ꆡ잰ꆡ퇔맦쒣,벴퓚캴살쪱볤쓚,죧맻쿮쒿춶뷏뫃,퓲춶쪵컯웚좨쫇뷰죚웚좨샭싛퓚쪵컯(럇뷰죚)헟폐좨삩헅춶맦쒣ꆣ닺짏뗄삩햹(3)쫕쯵춶웚좨ꆣ쫕쯵춶웚좨쫇폫짏쫶삩,쯼쫇튻훖냑뷰죚쫐뎡뗄맦퓲틽죫웳튵쓚늿햽싔춶뻶닟훐뗄탂탍쮼캬헅춶웚좨쿠랴뗄쪵컯웚좨,벴쿮쒿뗄돖폐헟폐[1],쫇맘폚볛횵움맀뫍햽싔탔뻶닟뗄훘튪쮼쿫랽램ꆣ쪵컯웚좨좨퓚캴살뗄쪱볤쓚복짙쿮쒿뗄춶맦쒣ꆣퟮ돵뗄펦폃쇬폲횻쫇ퟔ좻풴뗄움맀,웤뫳죴룉(4)럅웺웚좨ꆣ쿮쒿뗄돖폐헟퓚캴살쪱볤쓚,쓪죧맻쿮쒿뗄쫕틦늻ퟣ틔쏖늹돉놾믲쫐뎡쳵볾뇤,쪵컯웚좨쒣탍폫랽램놻삩햹떽뫜뛠쇬폲,죧짺닺훆퓬ꆢ랿뗘닺ꆢ맺볊쎳틗ꆢ퇐뺿폫뾪랢ꆢ럧쿕춶뮵,퓲춶헟폐좨럅웺뛔쿮쒿뗄볌탸춶;죧맻춶ꆢ뺺헹폫릫쮾햽싔뗈ꆣ뷼쓪살,쪵컯웚좨뗄퇐뺿헟퓚춶쒳튻쿮쒿뫳,쫐뎡쟩뿶뇤뮵,퓲춶헟쫜떽쇋샭싛뷧뫍쪵컱뷧뗄훘쫓,늢뾪쪼돉캪퇐뺿뿉틔럅웺뛔쿮쒿뗄볌탸춶,틔뿘훆볌탸춶뗄뗄죈뗣쇬폲ꆣ뇊헟훷튪뷩짜쪵컯웚좨뗄튻킩쳘뗣뿉쓜쯰쪧ꆣ뫍훖샠뮮럖(5)퓶뎤웚좨ꆣ쿮쒿춶헟춨맽풤쿈춶ퟷ캪,늢뛔룷훖쪵컯웚좨뷸탐쇋쪵샽럖컶ꆣ쿈뻶쳵볾믲튻쾵쇐쿠뮥맘솪쿮쒿뗄솪뷡,믱뗃캴2ꆡ쪵컯웚좨뗄럖샠살돉뎤뗄믺믡(죧탂닺욷ꆢ탂쫐뎡뗈),뛸펵폐퓚캴쪵컯웚좨뿉틔럖뇰듦퓚폚춶헟쫖훐ꆢ춶살튻뛎쪱볤뷸탐쒳쿮뺭볃믮뚯뗄좨샻ꆣ쿮쒿횮훐뫍춶뫏풼횮훐ꆣ튻냣쟩뿶쿂,쪵컯웚좨(6)뮻웚좨ꆣ횸쿮쒿춶헟뛔쿮쒿춶죫튪쯘뿉틔럖캪틔쿂6훖:췆동춶웚좨ꆢ삩헅춶웚믲닺돶욷뷸탐뮻뗄쓜솦ꆣ룃웚좨뗄믱뗃볈좡뻶좨ꆢ쫕쯵춶웚좨ꆢ럅웺웚좨ꆢ퓶뎤웚좨뫍뮻웚폚짺닺벼쫵뫍맽돌뗄톡퓱,튲틀삵폚탭뛠럇벼쫵좨ꆣ쿂쏦뛔짏쫶쪵컯웚좨ퟶ튻룶볲떥뗄룅쫶[2ꆫ5뗄틲쯘ꆣ]ꆣ(1)췆동춶웚좨ꆣ쿮쒿뗄돖폐헟폐좨췆동뛔3ꆡ쪵샽럖컶쿮쒿뗄춶,듓뛸믱좡룼뛠뗄탅쾢믲벼쓜,틔뷢뻶쿮쒿쯹쏦쇙뗄튻킩늻좷뚨탔ꆣ떱닺욷뗄볛룱늨뚯ꆡ췆동춶웚좨럹뛈뷏듳믲춶좨뗄돖탸쪱볤뷏뎤쪱,췆동웚좨쒳릫쮾퇐훆돶튻쿮탂벼쫵,늢믱뗃샻,쿖ힼ뗄볛횵뷏듳놸붫듋벼쫵펦폃폚릫쮾튻쿮탂닺욷뗄짺닺,풤볆,뷏퓧춶틢캶ퟅ쪧좥쇋뗈듽뗄좨샻ꆣ(2)삩헅춶웚좨ꆣ쿮쒿뗄돖폐헟폐좨룹뻝쿮붨솢짺닺룃탂닺욷뗄짨놸탨튪춶죫500췲풪,닺쒿쪵볊뷸햹쟩뿶퓚캴살뗄쪱볤쓚퓶볓쿮쒿뗄춶욷춶죫쫐뎡뫳쎿쓪뿉틔닺짺쮰뫳쿖뷰쇷솿100췲쫕룥죕웚:2002-11-26.ퟷ헟볲뷩:춿욽(1968-),쓐,뫾놱뫩뫾죋,뮪훐뿆벼듳톧맜샭톧풺늩쪿뫳.믹뷰쿮쒿:맺볒ퟔ좻뿆톧믹뷰훺쿮쒿(70071011).' 1994-2010 China Academic Journal Electronic Publishing House. All rights reserved.
뗚25뻭뗚5웚춿욽뗈:쪵컯웚좨뗄럖샠벰웤쪵샽럖컶133풪,쿮쒿뿉틔퓚컞뺺헹쳵볾쿂돖탸뷸탐5쓪,뺭쫐짮죫퇐뺿랢쿖,짏쫶볆쯣맽돌듦퓚죧쿂컊쳢:뎡늿쏅뗷퇐,룃쿮쒿ퟮ듳뗄늻좷뚨탔살풴폚쫐뎡쫗쿈솽뷗뛎춶탔훊늻춬,늻펦룃볲떥뒦샭,웚돵뛔탂닺욷뗄랴펦,맀볆닺욷캴살쿖뷰쇷솿늨뚯싊145췲풪뗄춶쫴폚햽싔탔춶,웤캴살뗄킧틦캪42%ꆣ룹뻝쿮쒿뗄럧쿕탔훊,릫쮾웚췻춶믘쳥쿖퓚2룶랽쏦:ꋙ퓚캴살6쓪쓚듸살쓪쿖뷰쇷놨싊캪15%,5쓪웚맺햮샻싊캪5%,컊릫쮾쫇럱죫,헢늿럖쿖뷰쇷볛횵펦닉폃헛쿖램쟳뗃;ꋚ룼캪뷸탐룃쿮쒿ꆣ훘튪뗄웚돵춶뮹캪웳튵펮뗃쇋3쓪뫳삩듳맦쒣쿈볆쯣룃쿮쒿뗄NPV횵=-500+335=-뗄믺믡,벴뒴퓬쇋떽웚죕캪3쓪뗄삩헅웚좨ꆣ웤165췲풪;듎,듓쒿잰살뾴뗚뛾뷗뛎200췲풪뗄춶늢쎻폐NPV횵킡폚0,룹뻝뒫춳에뛏맦퓲,룃쿮쒿헦헽듓웳튵쇷돶,쯼쫇튻훖믲폐춶좨샻,랢짺폫늻뿉탐ꆣ럱좡뻶폚캴살닺욷쫐뎡뗄뇤뮯,뗚죽쓪돵,죴죧웚쳗폃BS웚좨뚨볛쒣탍볆쯣듋췆동웚좨뗄볛ힷ볓헢늿럖춶,붫퓚4ꆫ6쓪쓚룸웳튵듸살튻뚨횵,쒣탍훐뗄벸룶쫤죫솿럖뇰죧쿂:쫕틦;랴횮,죴쫐뎡랢짺뷏듳늻샻틲쯘,퓲듋뛮췢뇪뗄컯볛횵(S)=솢벴뾪랢룃쿮쒿뗄쿖뷰춶붫뇜쏢ꆣ평폚뫶싔쇋뗚뛾뷗뛎ힷ볓춶놾짭쇷솿쿖횵=335췲풪;틾몬뗄웚좨볛횵,쪹뗃짏쏦뗄볆쯣떼훂쇋춶쿮풤뚨볛(K)=횴탐쿮쒿춶죫돉놾=500췲쒿맀볛뗄욫닮ꆣ풪;뇭2ꆡ웚돵춶폫쫕틦뇪뗄컯볛횵늨뚯싊Ρ=;퇓동돉놾=1ö쓪ꆡ쿞01234565=;떽웚쪱볤=5쓪ꆣ춶뛮ö췲풪145------ퟮ훕쯣돶싲좨볛횵캪뺻쿖뷰쇷솿ö췲풪췲풪,헢틢캶ퟅ헛쿖싊%10101010101010죧맻붫헢룶뻟폐뢺NPV횵뗄쿮쒿췆동훁5쓪뫳뷸탐,퓲췆동뗄톡퓱좨뗄볛횵캪췲풪,쮵쏷릫쮾ퟮ뫃쓍탄뗈듽,뛸늻쫇솢벴뷸탐헢룶쿮쒿ꆣ늻뇭3ꆡힷ볓춶폫쫕틦맽쯦ퟅ쪱볤뗄쇷쫅,퇓동돉놾믡훰붥볓듳,횴탐룃쓪ꆡ쿞0123456쿮웚좨뗄뿉쓜탔튲쿠펦퓶듳ꆣ춶뛮ö췲풪---200---3뺻쿖뷰쇷솿ö췲풪ꆡ삩헅춶웚좨쒳웳튵훷튪뷸탐짺컯훆볁닺욷뗄뾪랢폫짺헛쿖싊%10101010101010닺컞럧쿕샻싊%6666666,쫐뎡뺺헹쪮럖벤쇒,캪쇋퓶잿뺺헹쓜솦,삩듳쫐뎡햼폐싊,웳튵훆뚨뎤풶랢햹햽싔쓢뛔짺닺짨ꆡꆡ룹뻝뇭2쳡릩뗄쫽뻝,볆쯣웚돵춶쫕틦뗄쪩뷸탐뷗뛎탔춶붨짨ꆣ뗚튻뷗뛎,탂붨튻룶쪵퇩쿖횵뎵볤듓쫂탂닺욷뗄쫔짺닺,맀볆횧뢶춶뛮1456췲풪NPV1(0)=6A(t)õ(1+-tr)-I(0);뗚뛾뷗뛎,3쓪뫳퓙퓶볓춶200췲풪릺훃t=1쿖듺뮯짺닺쿟,삩듳짺닺쓜솦,놣횤탂닺욷쾵쇐뮯=췲풪(2)늢듳엺솿춶럅쫐뎡[6]ꆣ폐맘쫽뻝볻뇭1ꆫ뇭3ꆣ닉폃BS웚좨뚨볛샭싛볆쯣뷗뛎뛾뗄삩헅웚뇭좨볛횵,룹뻝뇭3쳡릩뗄쫽뻝볆쯣죧쿂ꆣ1ꆡ풤웚좫늿춶폫쫕틦뇪뗄닺볛횵=뫳3쓪쿖뷰쇷뗄쿖횵:쓪ꆡ쿞01234566뷗뛎춶뛮ö췲풪145A3=--200---6A(t)õ(1+-t65r)=(1+10%4+)t=4쿖뷰뺻쇷솿ö췲풪-30455080100909085럧쿕헛쿖싊ö%10101010101010+췲풪(3)+10%5)(1+10%6=1(1)ꆡꆡ내헕뺻쿖횵램뿉틔뗃돶죧쿂횵웚좨뗄횴탐볛룱=ힷ볓춶뗄쿖횵,벴:ꆡꆡNPV=웚췻쫕틦쿖횵-좫늿춶쿖횵=I(3)=I(3)õ(1+-3r)=췲풪6ꆡꆡ웚좨뗄웚쿞=3쓪;6A(t)õ(1+-tr)-I(0)-I(3)õ(1+-3r)뷗뛎쫕틦늨뚯싊=40%ꆣt=1=(1)붫짏쫶쫽뻝듺죫웚좨뚨볛릫쪽,쟳돶춶틾NPV<0,맊춶볆뮮늻뿉탐ꆣ몬뗄웚좨볛횵C2=췲풪' 1994-2010 China Academic Journal Electronic Publishing House. All rights reserved.
134커몺샭릤듳톧톧놨ꆤ탅쾢폫맜샭릤돌냦2003쓪10퓂ퟮ뫳뗃떽룃럧쿕쿮쒿뗄ퟜ볛횵:쒳폍쟸쿮쒿짺닺웚캪20쓪,쿮쒿쿖뷰쇷뗄쿖NPV=+=췲풪횵캪813791췲풪,듋폍쟸쫇폍쳯(햼80%)뫍뾪맊춶볆뮮펦룃뷓쫜ꆣ랢짌(햼20%)튻웰춶뾪랢뗄ꆣ볙짨퓚캴살5쓪ꆡ쫕쯵춶웚좨쓚쯼쯦쪱뿉틔붫막럝ퟷ볛6ꇁ105췲풪믘쫛룸뾪짨:(1)탂탍즱돦볁쿮쒿쯹탨춶죫I0=1040랢짌뛸췋돶,룹뻝떱쪱뗄쪯폍막볛늨뚯쟩뿶뗃돶췲풪,웤훐500췲풪캪쿮쒿웰뚯믹놾춶죫,벴쿮쒿쓪늨뚯싊캪9%,컞럧쿕샻싊캪6%,볆쯣럅웺웚튻떩웰뚯뇣뇘탫횧돶뗄쿖뷰ꆣ웤폠늿럖췲좨뗄볛횵ꆣ풪(540췲풪볓짏맶듦샻쾢)럖캪뇘튪만뚨닺춶럅웺뾪랢뗄웚좨뚨볛샠쯆뾴뗸웚좨ꆣ죫췲풪,웤쯻춶죫400췲풪(췲풪캪룹뻝뾴헇웚좨ꆢ뾴뗸웚좨움볛릫쪽뗃떽뗄뾴맣룦듙쿺춶죫,췲풪캪퓋ퟷ캬뮤뷰)ꆣ뗸웚좨릫쪽,볆쯣d1,d2:(2)즱돦볁쫐뎡볛룱쎿쓪뿉쓜짏뢡80%믲쿂d1=(ln(813791ö600000)+(+붵40%,죧맻볛룱짏뢡,쿮쒿볛횵짏짽훁C+=ꇁö2)ꇁ5)ꇂ=(11)180;볛룱쿂붵,쿮쒿볛횵쿂붵훁C-=60ꆣd2==(12)(3)S캪즱돦볁뗄쫐볛,퓚쿮쒿웰쪼뷗뛎캪20풪ö떥캻,틲듋뗚튻쓪뗄듺죫릫쪽P=-yt-rtSe[N(d1)-1]-Ke[N+S=36풪ö떥캻,-S=12풪ö떥캻,쎿쓪볛룱짏뢡쿂붵뗄룅싊쿠뗈(d2-1)](13)퓲뾴뗸웚좨뗄볛횵캪q=ꆣ(4)쿮쒿뗄풤웚믘놨싊캪20%,쿮쒿뗄컞럧P=813791ꇁꇁ5e[N(d1)-1]-6ꇁꇁ5쿕샻싊캪e[N(d2)-1]=891췲풪(14)r=8%ꆣ죴탂탍즱돦볁짏쫐벴폶탨쟳떭벾(즱돦볁쫐듓뛸럅웺웚좨뗄볛횵캪891췲풪뎡탨쟳폫쳬웸ힴ뿶폐횱뷓솪쾵),퓲맜샭닣뿉틔뻶ꆡ퓶뎤웚좨뚨퓝쪱횻뚯풱볆뮮짺닺쓜솦뗄50%,볌탸춶샽죧:쒳릫쮾뾼싇튻쿮R&D쿮쒿,탨춶죫250췲풪100췲풪뷸탐퇐뺿릤ퟷ,쪱볤풼탨튪3쓪,3쓪뫳,쿷복풭볆뮮맣룦춶죫,뷚쪡풤쯣IC=췲풪ꆣ틲듋죧맻퇐뺿돉릦,퓲탨춶죫틚풪뷸탐짺닺폫쫐,뎡뾪췘ꆣ춶뫳풤볆캴살쫐뎡폐3훖ힴ뿶,럖뇰틔E=(V-I1)+max(IC+,0)(4)ꆡꆡ내헕듋쪽뗈룅싊믱뗃틚풪ꆢ틚풪뫍틚풪뗄뺻(4)뿉뗃(떥캻10췲풪):쿖횵ꆣ죧맻틔NPV램움맀룃쿮쒿,퓲펦뻜뻸쯼,E+=()+max(-90,0)=틲캪(5)E-=()+max(-30,0)=5웚췻NPV(++)ö==(6)틚풪<0(15)냼몬쯵복춶죫맦쒣톡퓱좨뗄룃춶믺믡뗄ퟜꆡꆡ떫쫇룃쿮쒿볛횵펦룃냼몬웤퓶뎤웚좨뗄볛볛횵캪,횵ꆣE0=[pE+(1-p)E-]ö(1+r),p=[(1+볙뚨릫쮾닉폃뗄헛쿖싊캪10%,쿮쒿볛횵뗄-+-r)S-S]ö(S-S)(7)뇤뚯싊캪20%,컞럧쿕헛쿖싊캪5%,퓲춶쯹뗃ꆡꆡ룹뻝틑횪쳵볾뿉뗃:볛횵뗄쿖횵캪틚풪,횴탐볛(뫳탸춶p=[ꇁ20-12]ö(36-12)=뛮)캪틚풪,펦폃BS릫쪽뿉볆쯣뗃떽웚좨뗄(8)볛횵캪틚풪ꆣ헢퇹,삩햹뗄NPV=뺲첬ꆡꆡ쯹틔E0=[ꇁ+ꇁ5]ö-뗄NPV+웚좨볛횵=(틚풪)>0ꆣ50=(9)룃R&D쿮쒿쫇폐볛횵뗄,늻펦룃뻜뻸쯼[7]ꆣ뛸햽싔볛횵뗄NPV=뒫춳NPV풤웚쿖뷰믘ꆡ뮻웚좨놨+쿮쒿웚좨뗄볛횵ꆣ쒳릫쮾헽퓚붨퓬튻룶ퟛ뫏냬릫슥,웤뿉릩톡퓚룃샽훐NPV=V0-I0=(ꇁ180+퓱뗄3룶샤좴쾵춳뗄맀볛죧쿂:ꋙ좼징쳬좻웸짺ꇁ60)ö-104=-4(10)닺샤좴쮮뗄짨놸,짨놸볛횵100췲풪;ꋚ듓쇙뷼샤쯹틔펦룃쯵복춶죫웚좨놾짭뗄볛횵캪좴쮮뎧뷓쫕샤좴쮮뗄짨놸,짨놸볛횵100췲풪;ꋛ-(-4)=뿉틔퓚좼징쳬좻웸뫍뷓쫕샤좴쮮횮볤뷸탐뮻뗄ꆡ럅웺웚좨짨놸,헢룶죡탔쾵춳뗄볛횵캪120췲풪ꆣ' 1994-2010 China Academic Journal Electronic Publishing House. All rights reserved.
뗚25뻭뗚5웚춿욽뗈:쪵컯웚좨뗄럖샠벰웤쪵샽럖컶135짏쫶뗚3룶죡탔짨놸쪵볊짏쫇튻쿮냼몬튻쾵춳뻶닟럖컶랽램(죧NPVꆢ뻶닟쫷뗈)뗄볲떥럱쇐웚좨뗄춶ꆣ튻떩퓋탐쪱닉폃쇋웤훐뗄튻훖샤좴뚨,뛸쫇퓚놣쇴뒫춳랽램뫏샭쓚뫋믹뒡짏,뛔늻좷쮮풴,맜샭헟뇣펵폐쇋뮻캪쇭튻풴뗄웚좨ꆣ뚨탔틲쯘벰웤쿠펦뮷뺳뇤뮯ퟷ돶믽벫쿬펦뗄튻훖뛸뮻횮뫳,맜샭헟폖펵폐쇋뮻믘살뗄웚좨ꆣ죧쮼캬랽쪽뗄룅삨뫍ퟜ뷡ꆣ쯼룸돶뗄쫊뫏웚좨볛횵맻헢킩뮻웚좨뗄볛횵뎬돶쎿튻룶뻟폐만뚨퓋탐뗄뺻쿖횵에뇰뇪ힼ폫쪵볊쟩뿶룼컇뫏[8]ꆣ뇊헟쳖쒣쪽뗄놸톡랽낸뗄볛횵,퓲죡탔쾵춳뗄뢽볓돉놾뇣싛뗄6훖믹놾웚좨쿠뛔뛀솢,쯼쏇뿉틔ퟩ뫏탎돉쫇뿉탐뗄ꆣ쪵볊짏릺훃뻶닟퓚뫜듳돌뛈짏틀삵폚샤뛠훖늻춬뗄웚좨,벴쯹캽뗄뢴뫏웚좨ꆣ뢴뫏웚좨볲좴쮮돉놾뗄늨뚯쟩뿶,떱돉놾만뚨쪱,펦톡퓱튻룶떥뗘쮵뻍쫇횴탐튻훖웚좨늢닺짺쇭튻훖웚좨틔벰만뚨쾵춳;떱돉놾랢짺늨뚯쟒뮻돉놾뫜뗍쪱,쿖뷰쇷뗄웚좨,춨뎣쯼짦벰볌탸믲뷗뛎탔춶,벴뮻웚좨쫇폐볛횵뗄,펦떱릺훃죡탔쾵춳ꆣ뗚튻듎춶쪹릫쮾믱뗃뗚뛾듎춶뗄좨샻뛸늻쫇캪쇋퇐뺿랽뇣,틔쒳1쓪뗄쟩뿶캪샽살쮵쏷ꆣ틥컱,볌뛸믱뗃뗚죽듎ꆢ뗚쯄듎춶뗄믺믡ꆣ퓚쿖룹뻝쫐뎡쟩뿶,볙짨뾼싇헛쿖뫳3훖랽낸뗄돉놾쪵뻶닟훐,뢴뫏웚좨폫쪵볊쟩뿶룼캪쳹뷼튻킩,뒦뫍짨놸뗄닐횵죧뇭4ꆣ샭웰살튲뢴퓓뗃뛠ꆣ뇭4ꆡ3훖랽낸뗄돉놾뫍짨놸뗄닐횵닎뾼컄쿗:랽낸짏냫쓪돉놾쿂냫쓪돉놾짨놸닐횵ö췲풪ö췲풪ö췲풪랽낸튻401592[1]ꆡ틼닽쇐,훓ꆡ뒾,훬ꆡ뺼.쫔싛쪵컯웚좨샭싛퓚쿮쒿랽낸뛾352592춶뻶닟훐뗄펦폃[J].쯄뒨듳톧톧놨(헜톧짧믡뿆랽낸죽3515110톧냦),2002(4):26-32.ꆡꆡ뛔폚뗚튻훖랽낸[2]ꆡ훜ퟓ뾵,퇮뒺열.쪵컯웚좨폫뷰죚웚좨[J].맜샭쿖,웤쿖뷰쇷캪듺뮯,2001(5):=-(40+15+8)=-63췲풪[3]ꆡ십틥량,헅죰솫.쪵컯웚좨퓚폍웸뒢솿볛횵움맀훐뛔폚뗚뛾훖랽낸,웤쿖뷰쇷캪뗄펦폃[J].훐맺뿳튵,2002,11(5):=-(35+25+8)=-68췲풪[4]ꆡ랽ꆡ쫯,커헱튵.쪵컯웚좨샭싛벰웤퓚웳튵뻶닟훐뛔폚뗚죽훖랽낸,웤쿖뷰쇷캪뗄펦폃[J].뿆톧맜샭퇐뺿,2001(4):[5]ꆡ퇲샻럦,샗탇.쪵컯웚좨랽램퓚춶쿮쒿움맀훐3=-(35+15+10)=-60췲풪퓲뛔폚뗚튻훖랽낸,뮻웚좨뗄볛횵캪뗄퓋폃[J].뻶닟뷨본,2001(6):14-17.[6]ꆡ헔탣퓆,샮쏴잿,뿜볍?.럧쿕쿮쒿춶뻶닟폫쪵컯-60-(-63)=3췲풪뛔폚뗚뛾훖랽낸,뮻웚좨뗄볛횵캪웚좨맀볛랽램[J].쾵춳릤돌톧놨,2000,15(3):243-246.-60-(-68)=8췲풪[7]ꆡ탭쏱샻,헅ퟓ룕.펦폃쪵컯웚좨샭싛움볛R&D춶[J].쾵춳릤돌,2001(1):ꆡ뷡ꆡ싛[8]ꆡDixitKV,쪵컯웚좨쫇볛횵움맀럖컶뗄릤뻟,튲쫇햽싔CapitalInvestment[J].HarvardBusinessReview,움맀뫍뷢컶움맀쿠뷡뫏뗄움맀릤뻟ꆣ쯼늻쫇뛔뒫1995,73(3):’ClassificationandTheirCaseStudyTUPing-hui,ZhangZi-gang,WANGShi-chunAbstract:’,,:option;realoptions;classificationTUPing-hui:Post-doctor;SchoolofManagement,HUST,Wuhan430074,China.[뇠벭:샮뗀컄]' 1994-2010 China Academic Journal Electronic Publishing House. All rights reserved.
