The Real Options Strategy With Game Theory In Investment Under Uncertainty

The traditional company finance theory only will be presently worth(NPV) the method or the cash flows (DCF) the method to use into estimate under the relatively stable environment investment project to realize the enterprise value maximization, the determinism often will not use the enhancement rate method to future investment environment, or will have the income to regard as the risk, will cause some originally advantageous project to overrule along with market environment changing with each new day, future the determinism has not become the influence enterprise to invest the policy-making formulation the important attribute. The traditional only current value law (Net Present Value) when carries on the project appraisal often conceals two suppositions, namely the enterprise decision-making cannot retard moreover only can choose the investment or not invest, simultaneously the project cannot make any adjustment, thus has flexible or the strategic growth project investment decision making when the appraisal, often has underestimated the project value, even causes the wrong decision-making.In Real Option, because investment is uncertain and the irreversible, waiting for but immediately investment the research and development (even if is presently worth for is only) valuable. But acts according to the game theory, as a result of the profit drive and the competition pressure existence, for estalls to carry on the research and development investment the enterprise generally to have first moves the superiority. In other words, the competition weakened the research and development investment waiting time power value. The time power gambling theory unifies in kind time power method and the game theory, studies under the indefinite condition between the enterprise to research and develop the investment the strategy interaction, solves the enterprise the waiting which faces in the research and development investment to obtain the time power value and to forestall to invest obtains first moves the superiority the conflict. The time power game theory is a product which in kind time power and the game theory unifies, it has the enormous application potential. The time power gambling model not only had considered the investment decision-making key aspect, also simultaneously emphatically analyzed both sides in the model to compete the application strategy and possibly appears Nash the balanced solution. Has studied under not the definite condition symmetry monopoly time power gambling model, and explained the related parameter change to the company value influence, inferred two methods to calculate the leader and the follower company's value and the marginal value, discussed under the non- limit cooperation Nash the balanced solution reconciliation existence condition and the supposition. The discussion viewpoint conclusion regarding studies under our country current market economy condition the indefinite investment question to have the theory practice instruction significance.This article mainly is in under the oligarch market frame, has carried on the further discussion to the emerging market in kind time power, analyzed has first sent the superiority to invest the value regarding the enterprise the influence, as well as enterprise from this to its most superior investment opportunity choice adjustment. In first sends the superiority under the actuation, the enterprise is not willing completely to digest the time power the waiting value to start to invest to the chart forestalls to seize the market. In this situation, appearing two enterprises simultaneously of an inferiority strategy investments possibility is the existence.Using the game theory frame research and development investment is a brand-new domain. Quite are many regarding the price counter- demand function in demand impact research, but mainly involves is monopolizes under the condition the demand to attack to the price and the critical price influence, this article mainly is the utilization dynamic game theory method, solves the step using there version to discuss the demand to attack to is in the dissimilar condition next two competitions enterprise the motion strategy research, and obtains the monopoly enterprise and the competition enterprise adopts the strategy the similarities and differences.