学术
摘 要:
本研究以机制设计的观点来试图解决技术定价的问题。本研究将实务上常用的创业投资分次筹资的方式视为随着时间的进行，所取得的有关技术定价的讯息逐渐增多，故透过多次的筹资，逐渐的将技术的真实价格逐步反映的一种经济机制。接着，本研究依循机制设计的观点，设计了根据未来某一时点的条件实现与否来重新补偿创业者的持股，以使得创业者的报酬可以达到该项技术真实价格下创业者应有的报酬。特别是（ML〈MT〈MH）形式下的条件选择权机制可以将事前无法确定的技术真实价格在日后加以表明。透过本研究所建议的方法和思路，可以使得过去因技术出价的差距过大，使得新进投资不能进行，而使得社会丧失一次增加社会财富及社会福利的机会的问题得以解决。[著者文摘]
文章出处:
《运筹与管理》-2006年15卷4期 -1-6页
栏目信息:
分 类 号:
文献标识码:
A
文章编号:
1007-3221（2006）04-0001-06
Solution to the Pricing of Technology Using Mechanism Design
SHI Zhi-wen, JIANG Yan-fu （School of Economics and Management, Tsinghua Unicersity, Beijing 100084, China ）
Abstract:
This research tries to use mechanism design to solve the technology pricing problem. First, it regards venture capital multi-stage finance as an economic mechanism to revaluate the price of the technology while the information about pricing is getting much more. And then following the idea of mechanism design, it recommends giving an option of some shares at T = to which are enough to compensate entrepreneurs, and the option can be exercised when some condition is fulfilled. That is special at the form of （ML 〈 Mr〈 MH）, which can determine the unknown exact price of this technology at a future time. Our result may solve the problem of pricing gap of technology, and increase the number of worthy new ventures, and finally increase social wealth.[著者文摘]
Key words:
technology economics and management; technology pricing; mechanism design; conditional option
基金资助:
教育部人文社会科学重点研究基地重大项目（04JJD630002）
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