Abstract: The Options game theory integrates the inside sources of firm value creation with the outside sources in the domain of strategic management, and makes comprehensive analyses on the sources of firm value by both qualitative and quantitative method. The realization of firm value mainly lies in the trade-off among the cash flow, option flexibility value, and strategic preemption value. “Tomato garden” provides a good platform for the timing decision of investment, which is very helpful to analyze the firm value in the uncertain and competitive environment.

Key words: firm value, options game

摘要： 期权博弈理论将战略管理领域企业价值创造的内源观和外源观进行了有机结合,由此可以对企业价值创造的来源做一全面综合的定性与定量分析。企业价值的实现主要是实现即时现金流价值与期权灵活性价值之间的均衡以及期权灵活性价值与战略占先价值之间的均衡。“西红柿花园”提供了一个进行投资时机决策的平台,有利于更好地分析在不确定和竞争环境中投资期权价值的实现。

关键词: 企业价值, 期权博弈, 战略管理