The Construction And Application Of The Decision Model Of Enterprise Relationship Capital Investment

In the knowledge-based economic globalization today,enterprises are in a broader market space,and the existence of any business is not isolated but an important part of the whole social network.They need to undertake corresponding social responsibility with personal and other social organizations,government agencies and other common services in the whole society,so the "relationship" becomes more and more important.At the same time,under the background of advocating the construction of "common body in benefits",the relationship between enterprises and the main units in their environment can gradually develop into a beneficial capital of enterprises--relational capital.But enterprise relations capital is not extrinsic or free of charge,but requires special investment.Therefore,it is necessary to make a certain study on the investment and investment decision of enterprise relations capital.This paper focuses on the choice of decision-making methods of corporate relational capital investment.First of all,after collecting and reading a lot of domestic and foreign related literature and data on corporate relationship capital,we clearly define the connotation and dimensions of corporate relational capital.Then,the dynamic formation path and the investment characteristics of the enterprise relationship capital investment are deeply explored.Immediately following,based on the clear understanding of the mechanism and characteristics of relational capital investment,the real option method is introduced by analyzing the limitations and applicability of traditional investment decision-making methods.The positive and negative effects are presented in the path of capital investment in enterprise relations,and the analogy is the call option and put option in real options.After analyzing and comparing two commonly used models(B-S model and binomial model),it is found that it is more appropriate to choose binomial model.Therefore,a decision model of corporate relational capital investment based on multistage binomial real options is constructed,and it can identify the different types of options included in the investment stage and the value of flexibility.At the same time,this article uses a combination of theoretical analysis and mathematical modeling to build a combination of X Electronics Co.Ltd as an example,analyzes the application of the model in reality,and provides theoretical guidance for enterprises to carry out reasonable and effective relationship capital investment under uncertain environment.The real option approach is a method of asset pricing and investment decision taking into account the uncertainty of future assets,the irreversibility of investment cost and variability of investment timing.From the theoretical discussion to the model construction,and then to the application of the model in the actual case,the main conclusions are as follows:(1)a clear definition of the concept of enterprise relationship capital is given,which is an important basis for further research on the relationship capital.The relationship capital of the enterprise refers to the formation of the enterprise and the external related.We believe that the relationship between capital enterprise refers to the relational resources belonging to the enterprise such as the formation of trust,understanding,reputation and other unique resources which are developed by through the long-term interaction and cooperation,and specific investment between the enterprise and its external stakeholders(customers,suppliers,competitors,government,public institutions,units).(2)clarify the formation path of dynamic investment in enterprise relations capital.Based on the strength of the relationship between enterprises and their stakeholders,this paper divides the formation path of relational capital into relational capital initial stage,strengthening stage and highly heterogeneous stage.According to the principle of "path dependence",and analogous to the real option type,the investment results of each stage are presented by positive and negative effects.(3)the method of real option is introduced into the decision of enterprise relationship capital investment.On the basis of combing the formation path of the enterprise relational capital investment,we found the characteristics of the dynamic formation of the enterprise-relational capital investment-high uncertainty,dynamic and multistage,while the traditional investment decision-making method is not applicable,so we choice the method of real option model.This method can keep the flexibility of managers' decision-making on the basis of retaining the reasonable core of traditional investment decision-making methods,and enable managers to respond positively to uncertain factors and related environmental changes,rather than passive waiting.(4)a multistage binomial real option approach is applied to solve the investment decision problem of enterprise relationship capital.The option value is the same as the asset value trajectory of the investment target,and it can clearly get the options and project value of every decision point.Combined with practical cases,this paper givesspecific operation steps,and uses sensitivity analysis to evaluate its effectiveness,which proves that it has strong opera ability.At the same time,the use of multistage binomial option model in investment decision,lets enterprises to take the initiative to accept the investment risks and opportunities that may be encountered,rather than a passive disadvantage,helps enterprise managers make scientific and rational investment decision making process at higher uncertainty relation in capital investment,and has strong theoretical value and practical significance.