System Analytic Approach to Financial Technology, Management and Governance

金融技术、管理和治理的系统分析方法

• 批准号: 16310118
• 负责人: TAKAMORI Hiroshi
• 金额: $ 7.81万
• 依托单位: Waseda University (2005-2006)Aoyama Gakuin University (2004)
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Scientific Research (B)
• 财政年份: 2004
• 资助国家: 日本
• 起止时间: 2004 至 2006
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-16310118/
• 关键词: Financial Technology; Investment Strategy; Real Option; Risk and value; Incentive Contract; Governance; Design of Contract; Strategy for value creation; リスク; 契約の経済学; 経営戦略; エージェンシー; 最適投資の理論; モラル・ハザード; リスク分析; ゲームの理論; 契約の技術; ゲームとエージェンシー; 投資

This research project aimed at identifying relevant models and management principles for revitalizing Japanese industries that have been experiencing severe stagnation recently. The study began by examining those unique paradigms that drove the phenomenal development of Japanese economy after the devastation of the Second World War. We also examined how those paradigms lost their validity and vigor with the turn of 1990s. Major findings include recommendations for invigorating entrepreneurship via new types of incentive contract and renewing organizational governance in accordance with recent trends of social changes. Some focus was placed on the challenge and vigor that are driven by the incentives of equity capital. In particular, the framework of Real Option was identified as a most promising basis for driving innovation with the challenge to future risk in proper perspectives.Under the auspices of the Grant-in-Aid, a series of "Study Meeting Opened for Public : Financial Engineering and Management" was held monthly. The active participants in the study meetings came alive with the significance of Real Option and founded the Japan Association for Real Options and Strategy at the west Waseda campus of Waseda University on July 28, 2006.Research results are organized and published in two separate books, as follows.1. Takamori, H., and M. Ide, Ed., "Financial Engineering as Applied to Agency Problems and Contract Designs,", Toyo-Keizai-Shimpo, 20062. Japan Association of Real Options and Strategy, Ed., "Real Options and Business Strategy," Sigma and Base Capital Corp., 2006The research results are also documented in the final report of this research project.

该研究项目旨在确定振兴最近经历严重停滞的日本产业的相关模式和管理原则。该研究首先考察了那些在第二次世界大战的破坏后推动日本经济显着发展的独特范式。我们还研究了这些范式如何随着 20 世纪 90 年代之交而失去有效性和活力。主要发现包括通过新型激励合同激发创业精神以及根据近期社会变革趋势更新组织治理的建议。一些重点放在股权资本激励所带来的挑战和活力上。特别是，实物期权框架被认为是推动创新的最有前景的基础，并从适当的角度挑战未来风险。在补助金的支持下，一系列“向公众开放的研究会议：金融工程与管理》每月举办一次。研究会议的积极参与者认识到实物期权的重要性，并于2006年7月28日在早稻田大学西早稻田校区成立了日本实物期权与策略协会。研究成果整理并出版在两本书中，如下： 1． Takamori, H. 和 M. Ide, Ed.，“应用于代理问题和合同设计的金融工程”，Toyo-Keizai-Shimpo，20062。日本实物期权和策略协会，Ed.，“实物期权和合约设计”，Toyo-Keizai-Shimpo，20062。 Business Strategy，”Sigma 和 Base Capital Corp.，2006 年的研究结果也记录在该研究项目的最终报告中。

项目成果

リアルオプション・アプローチを用いた日本企業の合併に関する実証分析

实物期权法对日本企业并购的实证分析

• 发表时间: 2004
• 期刊: 大阪大学経済学 54・3
• 作者: 大川雅也;辻村元男
• 通讯作者: 辻村元男

Stock Repurchase Policy with Transaction Costs under Jump Risks

交易成本风险跳跃式的股票回购政策

• 发表时间: 2005
• 期刊: Proceedings of International Workshop on Recent Advances in Stochastic Operations Research
• 作者: Hiromichi Goko;Masamitsu Ohnihsi;Motoh Tsujimura
• 通讯作者: Motoh Tsujimura