由于企业在投资过程中面临着沉淀成本、不确定性和可延期性,所以不能简单地依据新古典投资理论进行决策,只能依靠实物期权方法。这样,我们发现产权理论、委托代理等手段都是着眼于要素市场沉淀成本管理的重要制度安排。但这些还不够,还需要考虑产品市场的定价构成原则,其根本目的在于补偿沉淀成本及其期权价值,从而将产品定价机制与要素非市场治理结构有机结合起来。 Because enterprises are faced with the cost of sedimentation, uncertainty and scalability in the investment process, they can not simply make decisions based on the neoclassical investment theory, but only rely on the real option method. In this way, we find that property rights theory, principal-agent and other means are all important institutional arrangements that focus on the sedimentation cost management of factor markets. But these are not enough, but also need to consider the pricing principle of the product market. The fundamental purpose of the pricing is to compensate the cost of settling and the value of the option, so that the pricing mechanism of the product and the non-market governance structure of the factors can be combined.