Real Options in International Joint Ventures
实证研究了企业为何在国际合资企业中使用明确的看涨期权来获取股权，这种期权能帮助企业保障未来扩张机会并防范交易风险，对研究联盟合同设计有参考价值。
This article empirically investigates the determinants of firms’ use of explicit call options to acquire equity in their international joint ventures (IJVs). Such options are an important contractual element of IJVs because they allow a firm to secure a claim on future expansion opportunities and to safeguard itself against various exchange hazards. The authors therefore draw on real options and transaction cost arguments, respectively, to develop hypotheses on the circumstances under which firms use such options. The article underscores the importance of studying the design of alliances in finer grained terms and helps refine the application of real options theory in the alliance context.