從實質研發選擇權觀點探討研發投資價值

本研究利用實質研發選擇權理論中Bellalah(1999)的訊息成本模型爲基礎，並嘗試融入會計的費用與資本觀點，以探討研發活動的價值。由於Bellalah並未考慮折舊與突發事件對研發價值具有的潛在影響，本研究嘗試推導出修正的模型，包含單純與複合選擇權，再利用產業資料對修正模型的合理性加以實證測試。研究結果除將指數衰退因子與卜瓦松事件納入修正模型中，以提醒管理者手中研發專案的價值可能因上述情境降低外，也實證出修正模型所計算的研發價值，不論在費用或資本基礎上，對企業的重要經營變數如股價等具有解釋能力。

關鍵字

訊息成本；費用；資本；指數衰退；卜瓦松事件

並列摘要

This study utilized the real R&D option theory especial the Bellalah (1999) information cost model, along with the expense and capital viewpoint belonging to accounting, as the discussion base for the exploration of R&D value. Since Bellalah did not consider the potential influence on R&D value due to depreciation and sudden event, we tried to modify the existing modles, including the simple and compound option, to fill up this shortcoming and empirically tested the modified models as well. The analyses yield included, first, the factors of exponential decay and Poisson event were incorporated with models to represent the situation of depreciation and sudden event which remind managers that the value of possessed R&D project could be diminished by; secondly, the derived R&D value through the modeified models on whether expense or capital base was empirically verified as having explanatory power on firms' prominent parameters including the stock price.