Research On R&D Investment Decision-Making Method Optimization Of High-tech Enterprise Under Incomplete Information

In the era of knowledge-based economy, high-tech enterprises are inseparable from R & D if they want to survive in the vagaries of market, and they can obtain the dynamic core competitive and important guarantee of the sustainable development through continuous R&D. Also, it is an important part of strategy for high-tech enterprises. Therefore, how to scientifically and effectively evaluate the investment of the R&D project has become the focus of scholars. Since the traditional methods concerning R & D investment decision-making have its own defects, it is powerless for the uncertain R&D projects. The real option approach includes the time value and kinds of uncertainty of R & D projects, increasing the flexibility of management. Thus, it’s of practical significance to research on high-tech R & D investment decision-making in the context of strategic structural adjustment and the rapid rise of the high-tech industry under incomplete information.Based on existing research, we analyzed the characteristics and the methods of R&D investment decision-making of high-tech enterprise. At the same time, the concept of incomplete information is defined, that is, the incomplete information includes uncertainty and information asymmetry. Under the hypothesis of continuous time and managers’ types, according to theory of the real option and incentive, the mathematical model of investment decision-making was established under incomplete information; On the basis of the value of R&D project which can be seen as a random process, we obtained the critical value of R&D investment and the utility of the managers and the value of the option of R&D projects according to the approximate differential equation and its boundary conditions of R&D investment under incomplete information. Finally, the results of optimized mathematical model was set up by method of simulation and sensitivity analysis.R&D investment decision-making of high-tech enterprises is influenced by factors in various aspects from internal and external, and combining the time factor and asymmetric information with real option pricing method, optimal model is established from optic angle of quantification. The results show that the market uncertainty increases the value of R & D project, rather than non-market uncertainties were the opposite. Therefore, the model for R&D investment decision-making provides a more comprehensive and reasonable framework and method and it has important significance of inspiration and guidance for high-tech R & D investment.