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最近经历严重停滞的日本行业的相关模型和管理原则。该研究首先研究了第二次世界大战破坏后日本经济的惊人发展的独特范式。我们还研究了这些范式如何在1990年代之交中失去了有效性和活力。主要发现包括根据最新的社会变革趋势，通过新型的激励合同和更新组织治理来激发企业家精神的建议。一些重点放在了由股本的激励措施推动的挑战和活力上。特别是，实际选择的框架被确定为推动创新的最有希望的基础，并以适当的观点挑战了未来风险的挑战。在赠款中的主持下，每月举行了一系列“为公众开幕的研究会议：金融工程和管理开幕”。研究会议的活跃参与者具有真正的选择的重要性，并于2006年7月28日在西达大学西部瓦萨校园建立了日本的真实选择和战略协会。研究结果是在两本单独的书籍中组织和出版的，如下1。 Takamori，H。和M. Ide编辑，“适用于代理机构问题和合同设计的金融工程”，Toyo-Keizai-Shimpo，20062年。日本真实选择与战略协会，编辑，“真实期权和商业策略”，Sigma和Base Capital Corp.，2006年，该研究结果还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