Evaluation Method of RD Investment Value of Intelligent Manufacturing Enterprise Based on Growth Option

摘要

At the transition period of manufacturing industry in China, intelligent manufacturing is compared to the ‘engine’ of economic development. Those intelligent manufacturing enterprises maintain the long-term stability, prosperity and development can promote the ‘Made in China 2025’ plan. R&D is an important approach for enterprises to gain competitive advantages and increase profits. Based on the shortcomings of the traditional discounted cash flow (DCF) method in R&D investment decision, this paper analyses the value of the growth option in R&D. And it points out that making the R&D investment decision should be combined with the value of future growth opportunities of the project. The purpose of this paper provide an evaluation model of R&D Investment value in Intelligent Manufacturing, as a reference on investment decision for intelligent manufacturing enterprises' managers. This paper provides a clearer way of thinking for managers to understand and evaluate the value of R&D projects in an all-round way and gain more profits for enterprises.