An analysis of real options theory in the presence of strategic consideration, opportunism, and perceptive bias

2021 Fiscal Year Final Research Report

• Project/Area Number: 16K03811
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Management
• Research Institution: Tohoku University (2020-2021); Kagawa University (2016-2019)
• Principal Investigator: Kamoto Shinsuke 東北大学, 経済学研究科, 准教授 (20511463)
• Project Period (FY): 2016-04-01 – 2022-03-31
• Keywords: リアルオプション

Outline of Final Research Achievements

The study examines investment and financing decisions in the presence of a potential entry threat. It demonstrates that high leverage induces a potential competitor to enter the market in a down turn in order to force the high leverage firm to go bankrupt, apart from expediting the investment decision in an upturn. In addition, it demonstrates that the risk of the forced bankruptcy discourages the firm from financing the investment with debt issuance, and thus agency conflict between shareholders and bondholders is mitigated by a potential entry threat.
It also examines an investment decision for innovation activity by an opportunistic manager. It demonstrates that the intensity of the innovation activity is affected by the decision for going private through management buyouts.

Free Research Field

コーポレートファイナンス

Academic Significance and Societal Importance of the Research Achievements

競合企業の行動に対する戦略的思考と経営者の機会主義や心理バイアスが投資と株式・負債の資金調達に関する意思決定への影響をリアルオプション理論の動学モデルを応用して明らかにした研究成果は、コーポレートファイナンス研究の発展に寄与する学術的意義があると思われる。さらに、それらの要因が企業の投資と資金調達の意思決定に及ぼす影響を通して株式や負債の価値や株主と債権者の利害対立に及ぼす影響を考察した研究成果は、企業の財務政策や事業投資の価値評価などの現代企業の事業・財務戦略に関する実務への貢献があり社会的意義があると思われる。