RESEARCH ON OPTION GAME AND INVESTMENT DECISION OF CHARACTERISTIC TOWN UNDER GOVERNMENT SUBSIDY ENVIRONMENT

摘要

Using the option game theory, this paper studies and discusses the evolution balance of the social capital investment decision in the process of planning and construction of the characteristic town under the two-way angle of symmetry and asymmetry of operating cost. Taking the government subsidy as the starting point and taking the sunk cost as the basis, this paper makes an empirical test on the critical value and the investment barrier of the private capital involved in the small town project construction, and obtains the following conclusions: whether the preemptive pre-emptive investment is dependent on the critical value of the leader is greater than the sunk cost. The cost of enterprise management is high and low; when the critical value of the common investment of more than two enterprises is greater than the sunk cost, although the enterprise does not invest first, it will also take the investment strategy in the market. The healthy growth of the market and the government subsidy will gradually eliminate the barriers of the enterprises in the characteristic small town projects and reduce the investment of the enterprises.