吉首大学学报（自然科学版）2026，Vol.47Issue(3)：81-88,8.DOI:10.13438/j.cnki.jdzk.2026.03.012
基于实物期权的群体决策下的企业投资策略
Corporate Investment Strategies Under Group Decision-Making Based on Real Options
摘要
Abstract
By introducing the belief differences of group members,combining the real option theory and asset pricing theory,we give an enterprise group investment model under the optimal capital structure,and analyze the effects of debt interest,cash flow volatility,reversibility and polarization on the invest-ment threshold.The results show that the group abandonment decision is dominated by the belief medi-an,while the key members of investment decision will shift with polarization.The volatility and polariza-tion of cash flow are positively correlated with the investment threshold,while reversibility and debt in-terest are negatively correlated with the investment threshold.Under low cash flow volatility,polariza-tion can offset the influence of reversibility on the group investment threshold,and under low reversibili-ty,the changes of debt interest and polarization do not change the key members'status in group invest-ment decision-making.关键词
群体决策/实物期权/资本结构Key words
group decision-making/real options/capital structure分类
管理科学引用本文复制引用
陈超龙,张勇,韩淑婷,唐仲群..基于实物期权的群体决策下的企业投资策略[J].吉首大学学报（自然科学版）,2026,47(3):81-88,8.基金项目
国家自然科学基金资助项目(72061014) （72061014）
湖南省教育厅重点科研项目(2024A0377) （2024A0377）
