企業(yè)技術(shù)創(chuàng)新與風(fēng)險(xiǎn)的權(quán)衡正版畢業(yè)論文(已修改)
2025-07-06 20:16 本頁(yè)面
【正文】 畢 業(yè) 論 文（設(shè)計(jì)） 題 目： 企業(yè)技術(shù)創(chuàng)新與風(fēng)險(xiǎn)的權(quán)衡 摘 要本文的內(nèi)容以企業(yè)技術(shù)創(chuàng)新的收益及風(fēng)險(xiǎn)的權(quán)衡為核心。文章首先論述了技術(shù)創(chuàng)新的內(nèi)涵，著重指出技術(shù)創(chuàng)新還包括產(chǎn)品的商業(yè)化這一過(guò)程，事實(shí)上，文章后面是在技術(shù)已經(jīng)引進(jìn)、商業(yè)化過(guò)程開(kāi)始階段的背景下開(kāi)始的；在對(duì)技術(shù)創(chuàng)新的優(yōu)勢(shì)做了一個(gè)新古典的分析之后，本文接著敘述了產(chǎn)品商業(yè)化過(guò)程中的收益與風(fēng)險(xiǎn)的特性、來(lái)源，在此過(guò)程中，我們還得出了兩種極端化策略——最小化風(fēng)險(xiǎn)與最大化收益策略，除了風(fēng)險(xiǎn)與收益的差異之外，這兩個(gè)策略還面臨不同的值，該值實(shí)際上是為了簡(jiǎn)化對(duì)增量收益及創(chuàng)新項(xiàng)目的市場(chǎng)附加值的計(jì)算而假定出來(lái)的，在作出對(duì)創(chuàng)新類(lèi)型的抉擇之前，文章并不是按傳統(tǒng)的對(duì)現(xiàn)金流貼現(xiàn)方法來(lái)繼續(xù)后面的問(wèn)題，盡管CAPM模型以及加權(quán)平均資本成本的思想為現(xiàn)金流貼現(xiàn)時(shí)的貼現(xiàn)率選擇提出了一個(gè)科學(xué)方法，但預(yù)測(cè)現(xiàn)金流量不是一項(xiàng)簡(jiǎn)單的工作，在一定程度上它更像是一種計(jì)劃。因此文章采用的是通過(guò)考慮兩種極端策略下對(duì)資本結(jié)構(gòu)的不同影響繼續(xù)下去的，通過(guò)引入市盈率，每股盈余、息稅前盈余（這實(shí)際上相當(dāng)于文中的）三個(gè)變量及其關(guān)系，最后得出一種新的權(quán)衡方法。鑒于對(duì)企業(yè)只采用債務(wù)為新項(xiàng)目融資這一假定在現(xiàn)實(shí)中可能面臨的問(wèn)題，本文最后應(yīng)用一期權(quán)的思想分析了這一假定的影響，把這一內(nèi)容作為本文的結(jié)論，從嚴(yán)格意義上說(shuō)是有欠妥當(dāng)?shù)?，但這一部分安排在最后有助于提醒我們之前的假定引起的問(wèn)題真正意味著什么，而不會(huì)使我們擔(dān)心之前的假定會(huì)破壞模型的真正目標(biāo)。最后，有必要指出：經(jīng)濟(jì)模型中的假定并不會(huì)導(dǎo)致所分析問(wèn)題的本質(zhì)的偏差，相反，它卻有助于我們看清當(dāng)解釋變量發(fā)生變化時(shí)目標(biāo)變量怎樣變化，而不是將各種因素交纏在一起。關(guān)鍵詞 技術(shù)創(chuàng)新；最小化風(fēng)險(xiǎn)策略；最大化收益策略；財(cái)務(wù)杠桿；股東債權(quán)人沖突AbstractThe question of this technological innovation and riskreturn tradeoff is the core of the article. The article first discusses the meaning of technological innovation and especially highlight that the technical innovations include the mercialization of products. In fact, the article is based on that the technology has been introduced and the mercialization has a analysis of the advantage about technology innovation with a new classical method, this paper then describes the characteristics,origins of return and risk in the process of mercialization of a product. At the same time, we obtained two extreme strategies –strategy of minimizing risk and maximizing revenue. Besides the difference between risk and return, the two strategies also face two different .we actually use the value to simplify the next process of analysis. Before making the choice of innovation types, the article isn’t based on the traditional method of discount cash flow to continue followed problems. Although the CAPM and the idea of the weighted average capital cost proposed for a scientific selection when we discount the cash flow, but it’s not a simple task to forecast the cash flow. To a certain extent, it is more like a the article continues by considering the two extreme strategies which have different effect on capital structure. We e up with a new method to tradeoff between return and risk through the introduction of priceearnings ratio, earnings per share, earnings before interest and tax(This is actually equivalent to the in article)and Their relations. Con
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