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Optionsmanagement in F&E: Eine Fallstudie

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Summary

Benefits of incremental investments in R&D and new business initiatives are strongly future oriented and, therefore, coincide with large uncertainty. Market launch after the embryonic stages only takes place when conditions are favorable and is blown off when circumstances are poor. Such conditional investments lead to the problem of a complex economic evaluation for which the conventional methods of evaluation are inadequate. In this article, the authors elaborate on the options approach as derived from an analogy with financial options on stocks which offers a possible solution to this problem. The article originates in a current research project in the field of multimedia concerning the development of Optical Tape Recording at Philips Electronics. First, it is shown how a given set of numbers can be interpreted differently in an option-type analysis versus a conventional discounted cash flow analysis. All other things being equal, an option valuation adjustment to traditional capital budgeting leads to a fundamentally different conclusion. Second, the link between option valuation and strategy analysis is discussed and elaborated on.

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Authors and Affiliations

  1. Abteilung für Industrielle Ökonomie, Erasmus Universität Rotterdam und Technische Universität Eindhoven, EUR H16-02, P.O.Box 1738, NL-3000 DR, Rotterdam, Deutschland

    Onno Lint &  Enrico Pennings

  2. Abteilung für Industrielle Informationsverarbeitung, Wirtschaftsuniversität Wien, Pappenheimgasse 35, A-1200, Wien, Deutschland

    Martin Natter

Authors
  1. Onno Lint
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  2. Enrico Pennings
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  3. Martin Natter
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Corresponding author

Correspondence to Onno Lint.

Additional information

Diese Forschungsarbeiten wurden von der Technology Foundation (STW) in den Niederlanden unterstützt. Die Autoren mÖchten den Diskussionsteilnehmern von Philips Corporate Research und Philips Corporate Strategy für die fruchtbare Zusammenarbeit während unserer Forschungs- und Beratungstätigkeit, unserem Herausgeber, Prof. Frese, und zwei anonymen Gutachtern für hilfreiche Hinweise danken. Die Autoren tragen die alleinige Verantwortung für die zum Ausdruck gebrachte Meinung und für die Fallbeschreibung. Die in dieser Arbeit vertretenen Ansichten stellen nicht notwendigerweise derzeitige oder frühere Standpunkte von Philips Electronics betreffend Forschung und produktpolitische Entscheidungen dar, und die angegebenen Daten entsprechen aus Geheimhaltungsgründen nicht unbedingt der Wirklichkeit.

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Lint, O., Pennings, E. & Natter, M. Optionsmanagement in F&E: Eine Fallstudie. Schmalenbachs Z betriebswirtsch Forsch 51, 990–1006 (1999). https://doi.org/10.1007/BF03371607

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