Результаты исследований: Научные публикации в периодических изданиях › статья › Рецензирование
A real options model for analysis of industrial R&D expenditures. / Бухвалов, Александр Васильевич; Лукьянова, Анна Евгеньевна; Никулин, Егор Дмитриевич; Окулов, Виталий Леонидович.
в: РОССИЙСКИЙ ЖУРНАЛ МЕНЕДЖМЕНТА, Том 16, № 3, 2018, стр. 393-406.Результаты исследований: Научные публикации в периодических изданиях › статья › Рецензирование
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TY - JOUR
T1 - A real options model for analysis of industrial R&D expenditures
AU - Бухвалов, Александр Васильевич
AU - Лукьянова, Анна Евгеньевна
AU - Никулин, Егор Дмитриевич
AU - Окулов, Виталий Леонидович
N1 - A real options model for analysis of industrial R&D expenditures / A. V. Bukhvalov, A. E. Loukianova, E. D. Nikulin, V. l. Okulov // The Russian Management Journal. - 2018. - Volume 16, № 3. - P. 393-406.
PY - 2018
Y1 - 2018
N2 - The objective of this paper is to develop the model that can be used to explain the amount of research and development (R&D) expenditures of large and mature companies. The re-search methodology is based on real options approach. We model companies’ R&D expen-ditures as payments for the real option, which is the right of a company to invest in real assets in the future, and therefore to ensure business development. The main result is a valuation model, which includes several relevant factors. While existing research papers apply real options approach mostly to the R&D projects of particular companies or within particular industries and situations, the current paper applies the corresponding methodol-ogy in general and aggregated setting. We hope that it will contribute to understanding of R&D intensity in large innovative companies.
AB - The objective of this paper is to develop the model that can be used to explain the amount of research and development (R&D) expenditures of large and mature companies. The re-search methodology is based on real options approach. We model companies’ R&D expen-ditures as payments for the real option, which is the right of a company to invest in real assets in the future, and therefore to ensure business development. The main result is a valuation model, which includes several relevant factors. While existing research papers apply real options approach mostly to the R&D projects of particular companies or within particular industries and situations, the current paper applies the corresponding methodol-ogy in general and aggregated setting. We hope that it will contribute to understanding of R&D intensity in large innovative companies.
KW - R&D expenditures
KW - R&D projects portfolio
KW - real option approach
KW - volatility of company value
KW - затраты на исследования и разработки
KW - портфель исследовательских проектов
KW - реальные опционы
KW - волатильность ценности компании
KW - WEB OF SCIENCE
KW - РОССИЙСКИЙ ИНДЕКС НАУЧНОГО ЦИТИРОВАНИЯ
U2 - 10.21638/spbu18.2018.304
DO - 10.21638/spbu18.2018.304
M3 - Article
VL - 16
SP - 393
EP - 406
JO - РОССИЙСКИЙ ЖУРНАЛ МЕНЕДЖМЕНТА
JF - РОССИЙСКИЙ ЖУРНАЛ МЕНЕДЖМЕНТА
SN - 1729-7427
IS - 3
ER -
ID: 36767080