, 1
4039 
5071企业业务的进入与退出关系到企业经营范围，是战略管理领域的核心议题之一。相较于业务进入，现有研究对业务退出的关注较少，尤其是对业务退出的战略含义考虑不足。为了弥补这一不足，本文首先从业务退出的含义、研究情境和理论视角演化的角度，整理和总结现有文献；其次，本文关注实物期权理论在业务退出研究领域的应用，确立实物期权理论与业务退出之间的理论关联，阐述该视角的理论价值，并根据期权的特征（不确定性的性质和程度）以及业务退出的特征（单一业务退出或多重业务退出），构建2×3分类框架；最后，本文从业务退出的角度讨论实物期权理论对现有理论的拓展、应用上的局限以及未来的研究方向。
业务退出研究综述：基于实物期权的探索
摘要
参考文献
2 Adner R, Levinthal D A. What is not a real option: Considering boundaries for the application of real options to business strategy[J]. Academy of Management Review,2004, 29(1): 74-85. DOI:10.5465/amr.2004.11851715
3 Aggarwal V A, Hsu D H. Entrepreneurial exits and innovation[J]. Management Science,2014, 60(4): 867-887. DOI:10.1287/mnsc.2013.1801
4 Anand J, Mesquita L F, Vassolo R S. The dynamics of multimarket competition in exploration and exploitation activities[J]. Academy of Management Journal,2009, 52(4): 802-821. DOI:10.5465/amj.2009.43670897
6 Baum J A, Korn H J. Dynamics of dyadic competitive interaction[J]. Strategic Management Journal,1999, 20(3): 251-278. DOI:10.1002/(SICI)1097-0266(199903)20:3<251::AID-SMJ23>3.0.CO;2-H
7 Belderbos R, Zou J. Real options and foreign affiliate divestments: A portfolio perspective[J]. Journal of International Business Studies,2009, 40(4): 600-620. DOI:10.1057/jibs.2008.108
8 Bergh D D. Size and relatedness of units sold: An agency theory and resource-based perspective[J]. Strategic Management Journal,1995, 16(3): 221-239. DOI:10.1002/smj.4250160306
9 Bergh D D. Predicting divestiture of unrelated acquisitions: An integrative model of ex ante conditions[J]. Strategic Management Journal,1997, 18(9): 715-731. DOI:10.1002/(SICI)1097-0266(199710)18:9<715::AID-SMJ912>3.0.CO;2-6
10 Bergh D D, Lawless M W. Portfolio restructuring and limits to hierarchical governance: The effects of environmental uncertainty and diversification strategy[J]. Organization Science,1998, 9(1): 87-102. DOI:10.1287/orsc.9.1.87
11 Bergh D D, Sharp B M. How far do owners reach into the divestiture process? Blockholders and the choice between spin-off and sell-Off[J]. Journal of Management,2015, 41(4): 1155-1183. DOI:10.1177/0149206312456705
12 Berry H. Why do firms divest?[J]. Organization Science,2010, 21(2): 380-396. DOI:10.1287/orsc.1090.0444
13 Berry H. When do firms divest foreign operations?[J]. Organization Science,2013, 24(1): 246-261. DOI:10.1287/orsc.1110.0724
14 Boddewyn J J. Foreign divestment: Magnitude and factors[J]. Journal of International Business Studies,1979, 10(1): 21-26. DOI:10.1057/palgrave.jibs.8490786
15 Boddewyn J J. Foreign and domestic divestment and investment decisions: Like or unlike?[J]. Journal of International Business Studies,1983, 14(3): 23-35. DOI:10.1057/palgrave.jibs.8490525
16 Boot A W. Why hang on to losers? Divestitures and takeovers[J]. The Journal of Finance,1992, 47(4): 1401-1423. DOI:10.1111/j.1540-6261.1992.tb04663.x
17 Bowman E H, Hurry D. Strategy through the option lens: An integrated view of resource investments and the incremental-choice process[J]. Academy of management review,1993, 18(4): 760-782. DOI:10.5465/amr.1993.9402210157
18 Brauer M. What have we acquired and what should we acquire in divestiture research? A review and research agenda[J]. Journal of Management,2006, 32(6): 751-785. DOI:10.1177/0149206306292879
19 Brauer M, Mammen J, Luger J. Sell-offs and firm performance: A matter of experience?[J]. Journal of Management,2017, 43(5): 1359-1387. DOI:10.1177/0149206314552452
20 Brauer M F, Wiersema M F. Industry divestiture waves: How a firm’s position influences investor returns[J]. Academy of Management Journal,2012, 55(6): 1472-1492. DOI:10.5465/amj.2010.1099
22 Capron L, Mitchell W, Swaminathan A. Asset divestiture following horizontal acquisitions: A dynamic view[J]. Strategic Management Journal,2001, 22(9): 817-844. DOI:10.1002/smj.175
24 Chang S-J, Wu B. Institutional barriers and industry dynamics[J]. Strategic Management Journal,2014, 35(8): 1103-1123. DOI:10.1002/smj.2152
25 Chen H, Jorgensen B N. Market exit through divestment-The effect of accounting bias on competition[J]. Management Science,2018, 64(1): 164-177. DOI:10.1287/mnsc.2016.2578
27 Chen T, Qian L, Narayanan V. Battle on the wrong field? Entrant type, dominant designs, and technology exit[J]. Strategic Management Journal,2017, 38(13): 2579-2598. DOI:10.1002/smj.2669
28 Chi T. Option to acquire or divest a joint venture[J]. Strategic Management Journal,2000, 21(6): 665-687. DOI:10.1002/(SICI)1097-0266(200006)21:6<665::AID-SMJ109>3.0.CO;2-0
29 Cuypers I R P, Martin X. What makes and what does not make a real option? A study of equity shares in international joint ventures[J]. Journal of International Business Studies,2010, 41(1): 47-69. DOI:10.1057/jibs.2009.17
31 Dai L, Eden L, Beamish P W. Caught in the crossfire: Dimensions of vulnerability and foreign multinationals’ exit from war-afflicted countries[J]. Strategic Management Journal,2017, 38(7): 1478-1498. DOI:10.1002/smj.2599
32 Damaraju N L, Barney J B, Makhija A K. Real options in divestment alternatives[J]. Strategic Management Journal,2015, 36(5): 728-744. DOI:10.1002/smj.2243
33 Dixit A. Entry and exit decisions under uncertainty[J]. Journal of Political Economy,1989, 97(3): 620-638. DOI:10.1086/261619
34 Duhaime I M, Schwenk C R. Conjectures on cognitive simplification in acquisition and divestment decision-making[J]. Academy of Management Review,1985, 10(2): 287-295. DOI:10.5465/amr.1985.4278207
35 Durand R, Vergne J-P. Asset divestment as a response to media attacks in stigmatized industries[J]. Strategic Management Journal,2015, 36(8): 1205-1223. DOI:10.1002/smj.2280
36 Eisenmann T R. The effects of CEO equity ownership and firm diversification on risk taking[J]. Strategic Management Journal,2002, 23(6): 513-534. DOI:10.1002/smj.236
37 Elfenbein D W, Knott A M. Time to exit: Rational, behavioral, and organizational delays[J]. Strategic Management Journal,2015, 36(7): 957-975. DOI:10.1002/smj.2262
38 Elfenbein D W, Knott A M, Croson R. Equity stakes and exit: An experimental approach to decomposing exit delay[J]. Strategic Management Journal,2017, 38(2): 278-299. DOI:10.1002/smj.2493
40 Feldman E R. Corporate spin-offs and capital allocation decisions[J]. Strategy Science,2016, 1(4): 256-271. DOI:10.1287/stsc.2016.0022
41 Feldman E R, Amit R, Villalonga B. Corporate divestitures and family control[J]. Strategic Management Journal,2016, 37(3): 429-446. DOI:10.1002/smj.2329
42 Fortune A, Mitchell W. Unpacking firm exit at the firm and industry levels: The adaptation and selection of firm capabilities[J]. Strategic Management Journal,2012, 33(7): 794-819. DOI:10.1002/smj.972
43 Furr N, Kapoor R. Capabilities, technologies, and firm exit during industry shakeout: Evidence from the global solar photovoltaic industry[J]. Strategic Management Journal,2018, 39(1): 33-61. DOI:10.1002/smj.2709
44 Gaba V, Dokko G. Learning to let go: Social influence, learning, and the abandonment of corporate venture capital practices[J]. Strategic Management Journal,2016, 37(8): 1558-1577. DOI:10.1002/smj.2404
45 Gaba V, Terlaak A. Decomposing uncertainty and its effects on imitation in firm exit decisions[J]. Organization Science,2013, 24(6): 1847-1869. DOI:10.1287/orsc.2013.0823
46 Harrigan K R. The effect of exit barriers upon strategic flexibility[J]. Strategic Management Journal,1980a, 1(2): 165-176. DOI:10.1002/smj.4250010206
47 Harrigan K R. Strategy formulation in declining industries[J]. Academy of Management Review,1980b, 5(4): 599-604. DOI:10.5465/amr.1980.4288965
51 Helfat C E, Eisenhardt K M. Inter-temporal economies of scope, organizational modularity, and the dynamics of diversification[J]. Strategic Management Journal,2004, 25(13): 1217-1232. DOI:10.1002/smj.427
52 Hopkins H D. Acquisition and divestiture as a response to competitive position and market structure[J]. Journal of Management Studies,1991, 28(6): 665-677. DOI:10.1111/j.1467-6486.1991.tb00985.x
54 Johnson R A. Antecedents and outcomes of corporate refocusing[J]. Journal of management,1996, 22(3): 439-483. DOI:10.1177/014920639602200304
56 Kaplan S N, Weisbach M S. The Success of Acquisitions: Evidence from Divestitures[J]. The Journal of Finance,1992, 47(1): 107-138. DOI:10.1111/j.1540-6261.1992.tb03980.x
57 Karim S. Business unit reorganization and innovation in new product markets[J]. Management Science,2009, 55(7): 1237-1254. DOI:10.1287/mnsc.1090.1017
58 Karim S, Capron L. Reconfiguration: Adding, redeploying, recombining and divesting resources and business units[J]. Strategic Management Journal,2016, 37(13): E54-E62. DOI:10.1002/smj.2537
59 Kogut B, Kulatilaka N. Capabilities as Real Options[J]. Organization Science,2001, 12(6): 744-758. DOI:10.1287/orsc.12.6.744.10082
61 Lee D, Madhavan R. Divestiture and firm performance: A meta-analysis[J]. Journal of Management,2010, 36(6): 1345-1371. DOI:10.1177/0149206309360931
62 Lee S H, Peng M W, Barney J B. Bankruptcy law and entrepreneurship development: A real options perspective[J]. Academy of Management Review,2007, 32(1): 257-272. DOI:10.5465/amr.2007.23464070
63 Lieberman M B, Lee G K, Folta T B. Entry, exit, and the potential for resource redeployment[J]. Strategic Management Journal,2017, 38(3): 526-544. DOI:10.1002/smj.2501
64 Markides C C. Diversification, restructuring and economic performance[J]. Strategic Management Journal,1995, 16(2): 101-118. DOI:10.1002/smj.4250160203
65 McCann B T, Vroom, G. Competitive behavior and nonfinancial objectives: Entry, exit, and pricing decisions in closely held firms[J]. Organization Science,2014, 25(4): 969-990. DOI:10.1287/orsc.2013.0859
67 McGrath R G. A real options logic for initiating technology positioning investments[J]. Academy of Management Review,1997, 22(4): 974-996. DOI:10.5465/amr.1997.9711022113
68 McGrath R G. Falling forward: Real options reasoning and entrepreneurial failure[J]. Academy of Management Review,1999, 24(1): 13-30. DOI:10.5465/amr.1999.1580438
70 Miller D J, Yang H S. The dynamics of diversification: Market entry and exit by public and private firms[J]. Strategic Management Journal,2016, 37(11): 2323-2345. DOI:10.1002/smj.2568
72 Myers S C. Determinants of corporate borrowing[J]. Journal of financial economics,1977, 5(2): 147-175. DOI:10.1016/0304-405X(77)90015-0
73 Nachum L, Song S. The MNE as a portfolio: Interdependencies in MNE growth trajectory[J]. Journal of International Business Studies,2011, 42(3): 381-405. DOI:10.1057/jibs.2010.60
74 O’Brien J, Folta T. Sunk costs, uncertainty and market exit: A real options perspective[J]. Industrial and Corporate Change,2009, 18(5): 807-833. DOI:10.1093/icc/dtp014
75 Porter M E. Please note location of nearest exit: Exit barriers and planning[J]. California Management Review,1976, 19(2): 21-33. DOI:10.2307/41164693
78 Sakhartov A V. Economies of scope, resource relatedness, and the dynamics of corporate diversification: Economies of scope, relatedness, and dynamics of diversification[J]. Strategic Management Journal,2017, 38(11): 2168-2188. DOI:10.1002/smj.2654
79 Sakhartov A V. Stock market undervaluation of resource redeployability[J]. Strategic Management Journal,2018, 39(4): 1059-1082. DOI:10.1002/smj.2775
80 Sakhartov A V, Folta T B. Resource relatedness, redeployability, and firm value[J]. Strategic Management Journal,2014, 35(12): 1781-1797. DOI:10.1002/smj.2182
82 Shimizu K. Prospect theory, behavioral theory, and the threat-rigidity thesis: Combinative effects on organizational decisions to divest formerly acquired units[J]. Academy of Management Journal,2007, 50(6): 1495-1514. DOI:10.5465/amj.2007.28226158
83 Singh H. Challenges in researching corporate restructuring[J]. Journal of Management Studies,1993, 30(1): 147-172. DOI:10.1111/j.1467-6486.1993.tb00299.x
84 Sirmon D G, Hitt M A, Ireland R D, et al. Resource orchestration to create competitive advantage: Breadth, depth, and life cycle effects[J]. Journal of Management,2011, 37(5): 1390-1412. DOI:10.1177/0149206310385695
85 Soule S A, Swaminathan A, Tihanyi L. The diffusion of foreign divestment from Burma[J]. Strategic Management Journal,2014, 35(7): 1032-1052. DOI:10.1002/smj.2147
86 Tong T W, Li J. Real options and MNE strategies in Asia Pacific[J]. Asia Pacific Journal of Management,2008, 25(1): 153-169. DOI:10.1007/s10490-007-9066-z
87 Tong T W, Li Y. Real options and investment mode: Evidence from corporate venture capital and acquisition[J]. Organization Science,2011, 22(3): 659-674. DOI:10.1287/orsc.1100.0551
88 Tong T W, Reuer J J. Real options in strategic management[M]. Real Options Theory. 2007, 3-28: Emerald Group Publishing Limited.
89 Tong T W, Reuer J J, Peng M W. International joint ventures and the value of growth options[J]. Academy of Management Journal,2008, 51(5): 1014-1029. DOI:10.5465/amj.2008.34789680
90 Trigeorgis L, Reuer J J. Real options theory in strategic management[J]. Strategic Management Journal,2017, 38(1): 42-63. DOI:10.1002/smj.2593
91 Vidal E, Mitchell W. Adding by subtracting: The relationship between performance feedback and resource reconfiguration through divestitures[J]. Organization Science,2015, 26(4): 1101-1118. DOI:10.1287/orsc.2015.0981
92 Vidal E, Mitchell W. Virtuous or vicious cycles? The role of divestitures as a complementary Penrose effect within resource-based theory[J]. Strategic Management Journal,2018, 39(1): 131-154. DOI:10.1002/smj.2701
93 Xia J, Li S. The divestiture of acquired subunits: A resource dependence approach[J]. Strategic Management Journal,2013, 34(2): 131-148. DOI:10.1002/smj.2008
94 Xie X, Ma H, Lu X. Toward a typology of exit strategies[J]. Management Decision,2016, 54(8): 1986-2007. DOI:10.1108/MD-03-2016-0183
95 Xu D, Lu J W, Gu Q. Organizational forms and multi-population dynamics: Economic transition in China[J]. Administrative Science Quarterly,2014, 59(3): 517-547. DOI:10.1177/0001839214541866
97 Zheng W, Singh K W, Chung C-N. Ties to unbind: Political ties and firm sell-offs during institutional transition[J]. Journal of Management,2017, 43(7): 2005-2036. DOI:10.1177/0149206315575553
引用本文
韩夏, 谢绚丽, 马浩. 业务退出研究综述：基于实物期权的探索[J]. 外国经济与管理, 2019, 41(11): 114-135.
导出参考文献，格式为：
