Study on the Value of Investment Risk of Human Capital in Enterprise Technical Innovation based on the Barrier Options
This paper based on to the enterprise technological innovation human capital connotations elaboration, using the option theoretical analysis the risk barrier option characteristic when carried on the technological innovation human capital investment, has given its investment risk fixed price model and shuts the formal solution, has analyzed the barrier price and the lowest investment yield to influence the enterprise investment. The analysis obtains that when the barrier value is not bigger than lowest investment incomes, the value of each contribution increases along with the barrier value increases, and when both achieved to maximizing, this maximum value was equal to the standard western-style option value, therefore, the application of standard option fixed price model will overestimate the investment value, but down and in put options is expected to fall the option model to be possible to calculate its value correctly in the actual operation, needs in the contract design through the appropriate provision to reflect that the enterprise technological innovation human capital investmens characteristic of down and in put ,can avoid the risk which the overinvestment will bring. The barrier price indicated the amount of real return to trigger the appearance of enterprise technological innovation human capital investment risk, the anticipated level reflected the degree of enterprise use the income expectation in the future for the technological innovation human capital, these two value are determinate by the technological innovation human capital the income and the enterprises investment characteristic.
technological innovation human capital fixed price barrier options down and in put options
FAN Qunlin SHAO Yunfei TANG Xiaowo
School of Management and Economics, University of Electronic Science and Technology of China, Chengdu, CHINA 610054
国际会议
2009 International Forum of Human Resource Strategy and Development(2009人力资源战略与开发国际高层论坛)
济南
英文
906-911
2009-10-24（万方平台首次上网日期，不代表论文的发表时间）