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论文编号：	10429
作者编号：	2120163240
上传时间：	2018/12/6 14:00:40
中文题目：	M汽车公司研发项目投资决策研究
英文题目：	Research on decision-making of R&D project investment of M automobile company
指导老师：	张晓农
中文关键字：	研发项目投资决策;汽车行业;净现值法
英文关键字：	decision-making of R&D project investment, auto industry, NPV
中文摘要：	随着汽车产业在中国步入产品生命周期中的成熟期，市场竞争越来越大，产品差异越来越小，运用新技术调整产品功能来延长成熟期、研发新产品使产品生命周期出现再循环、通过技术更新实现进一步成本降低成为在华的各个汽车公司的战略重心。 通常企业对于研发项目采用与一般项目相同的投资决策方法。但是研发项目有其特殊性。一般来说，普通的投资决策子公司具有较高的自主权，但是由于汽车企业研发投入巨大，集团为避免各子公司将资金投入到相同的研发项目中造成资源浪费，因此需要统一的管理。从而形成了研发项目需经过母公司和子公司两方同时批准的特殊管理模式。另外，同样为了避免资源浪费，研发成果在集团内部存在共享，研发方承担较多的研发支出，而成果却需要与其他方共享，如果该共享缺乏合理的定价机制就会造成各主体利益不一致，引起决策矛盾。这也是与一般投资决策的不同之处。 本文的研究对象是大型国际汽车集团的在华子公司M汽车公司的研发项目投资决策体制。在发现问题方面，运用归纳分析法和案例分析法，提出目前该公司研发项目投资决策存在的三个主要问题，一是现金流量估算期间错误；二是忽略了研发成果转让带来的现金流入；三是各投资主体利益不一致导致决策矛盾。然后用实际的案例对问题进行了深入的说明。在解决问题方面，运用文献研究法、归纳分析法、比较分析法及案例分析法，首先分别对M汽车公司现行研发项目投资决策体制和优化建议的相关理论基础进行梳理。然后针对问题的成因，结合相关理论，提出三个方面的改进建议: 以技术的市场寿命作为现金流量估算期间、确保事前预估转让现金流入的可行性、确保投资各主体利益一致。最后运用案例模拟实施，证明该方法在M汽车公司的适用性和有效性。 作者希望能够通过对案例企业的研究，为存在类似投资决策问题的企业和目前经济环境下跨国汽车集团研发项目投资决策体系的优化提供参考。
英文摘要：	As the Chinese automobile industry enters the maturity stage of its product life cycle, the intense market competition and narrowed product differences force the auto companies in China to pay more attention to R&D. Using new technology to adjust product function to prolong the maturity period, launching new models to recycle the product life cycle, and depending on technology update to achieving further cost reductions have become the strategic focus of various auto companies in China. Companies usually use the same investment decision-making methods for R&D projects as general projects. But R&D projects have their own particularities. Generally speaking, the subsidiaries have a high autonomy in ordinary investment decision-making. However, due to the huge investment in R&D of auto companies, in order to avoid the waste of resources if the subsidiaries invest in the same R&D projects, the group needs a unified management. Thus, a special management mode in which the R&D project needs to be approved by both the parent company and the subsidiary company is formed. Likewise, in order to avoid the waste of resources, the R&D results will be shared within the group, which causes the inconsistency of the interests of the decision-making bodies. This is also different from the general investment decisions. We need to separately discuss the investment decisions of R&D projects from general investment decisions. The research object is the decision-making of R&D project investment of M auto company, a subsidiary of a large international automobile group. In terms of finding problems, the inductive and the case analysis method are used. It was found that there are three main problems of the decision-making of R&D project investment, and they are proved with actual cases. The first one is the error in the period of cash flow estimation. The second one is the neglection of the cash inflow from the transfer of R&D results. Thirdly, it’s about the conflict in decision-making caused by the inconsistent interests of various investment entities. As for solving problems, the combination of literature research method, inductive, comparative and case analysis method are used. To begin with, the relevant theoretical basis is sorted out to analyze the feasibility and effectiveness of the combination of several methods from the theoretical level. Then, based on the cause of the problem, combined with relevant theories, practical and detailed solutions are proposed: using the market life of the certain technology as the cash flow estimation period, guaranteeing the feasibility of estimating transfer cash inflows beforehand and making sure that the interests of the investment entities are consistent. Finally, the case simulation was implemented to prove the applicability and effectiveness of the method in M automobile company. The author hopes to provide a reference for the optimization of investment decision-making systems of R&D projects for multinational auto group under the current economic environment.
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