在当今数字经济时代，企业如何在转型和升级中获取竞争优势成为数字企业战略研究的核心话题。虽然行业结构观、资源基础观和动态能力观等经典的管理理论为我们提供了分析框架，但数字平台生态观在企业战略的变革中仍然显得尤为关键。本文从数字期权和数字债务的角度深入探讨了企业如何制定和实施数字战略，特别是在数字平台、数字技术投资和数字并购战略层面，研究发现：

一是数字期权与数字债务理论的有机融合为企业数字平台竞争战略提供了新的视角。数字平台是数字时代企业市场竞争的重要载体，企业需要结合数字平台现状合理设计竞争策略，充分利用数字期权与数字债务之间的交互机制进行有效的战略性投资，选取最优的数字平台竞争策略用以协调企业长期与短期战略行为之间的关系，从而在动态和动荡的环境中获取竞争优势。为了在数字时代保持竞争优势，企业需要定期更新数字平台及基础设施、创新其业务流程和产品服务，通过数字期权的“识别-开发-实现”与数字债务的“生成-评估-解决”以及二者之间的交互机制，结合自身情况在期权约束型、债务约束型、债务清偿型与期权执行型四种数字平台策略中做出合理选择，分析不同情形下的数字平台价值优化路径以及特定情形下的数字期权价值和数字债务价值之间的平衡策略，企业可以对数字平台利用现有机会的能力进行判断，从而更好地挖掘数字平台潜在的价值，规避隐含的风险。

二是从数字期权与数字债务的金融视角构建数字技术投资价值评估与战略分析理论框架，充分挖掘和规避数字技术投资过程中所产生的价值和风险。主要结论如下：（1）数字技术投资价值评估有必要将数字期权与数字债务纳入模型，从而将数字技术投资价值评估理论模型拓展为“投资价值=静态NPV+数字期权价值-数字债务价值”，突显出数字技术产品或服务质量的重要性，并分别构建各主要价值构成部分的评估模型。（2）在高不确定性、竞争性市场环境下的数字技术投资，会产生大量的数字期权价值。与此同时，数字技术投资完成的产品或服务的质量缺陷，则会产生大量的数字债务价值。其中，数字期权价值对数字技术投资价值来说，通常都会起到正向促进作用，而数字债务价值则会起到反向的减损作用。这就迫使企业在进行数字技术投资时，不得不面临着数字期权价值和数字债务价值之间权衡决策的问题。

三是从超级数字平台“值钱不赚钱”和在位企业“赚钱不值钱”等数字企业价值怪状出发，揭示数字并购“天价估值”现象背后所隐藏的“先值钱后赚钱”数字期权战略思维，得出以下结论：数字企业在做出数字并购决策时，唯有充分评估自身数字期权实际情况，借助数字期权思维在并购时机与设措上的精准把握，选择与自身发展相契合的数字并购目标，才能实现数字能力与资源的有序捕获与兑现，取得高质量的数字并购效果，进而促进企业数字化能力和平台生态价值的可持续增长。（1）数字期权捕获策略，即在数字并购时机选择上以“值钱”为首要财务目标获得数字期权高估值，摆脱传统利润至上等管理思维束缚，利用资金与资源优势快速扩张数字平台生态链圈，实现数字并购逻辑下的数字化、平台化、生态化发展。以“赚钱不值钱”的在位企业为代表的企业数字期权整体较低，在产业数字化过程中适合选择该策略。（2）数字期权兑现策略，即在数字并购时机上以“赚钱”为首要财务目标兑现高数字期权价值，戳破期权泡沫得到丰厚的现金支持，开启更广阔生态范围的数字并购。以“值钱不赚钱”的超级数字平台整体数字期权较高，在数字产业化过程中适合选择该类策略。（3）数字期权流程策略，是指收购方利用数字期权知识优势，扩充平台生态触点突破用户阈值，以创造更大范围网络协同效应的数字并购策略。一些数字企业数字期权流程低、数字期权知识高，适合在数字并购生态扩张路径上选择该策略。（4）数字期权知识策略，是指收购方利用数字期权流程优势重组各类资源与数据生产要素，增强创新能力、企业洞察力与企业竞争力，以挖掘更具创新力的知识协同效应的数字并购策略。一些数字企业数字期权知识低、数字期权流程高，适合在数字并购生态扩张路径上选择该策略。

In the digital economy era, determining how digital firms can achieve competitive advantages during transformation and upgrading has become a central topic in strategic business research. Although classic management theories such as the industry structure perspective, resource-based view, and dynamic capabilities offer analytical frameworks, the perspective of a digital platform ecosystem remains crucial in strategic innovation for enterprises. This paper delves deeply into how enterprises formulate and implement digital strategies from the perspectives of digital options and digital debt, especially at the levels of digital platforms, digital technology investments, and digital M&A strategies. Our findings include:

First, the integrated application of digital option and digital debt theories provides a fresh perspective on enterprise digital platform competitive strategies. Digital platforms are vital vehicles for market competition in the digital era. Businesses should design competitive strategies based on the current state of digital platforms, fully leveraging the interaction mechanism between digital options and digital debt for strategic investment. By selecting optimal digital platform competition strategies, enterprises can harmonize long-term and short-term strategic behaviors, thereby achieving competitive advantages in dynamic and volatile environments. To maintain an edge in the digital age, enterprises should regularly update digital platforms and infrastructure, innovate business processes and services, and use the "identify-develop-realize" mechanism of digital options and the "generate-evaluate-resolve" mechanism of digital debt. By appropriately choosing among option-constrained, debt-constrained, debt-clearance, and option-execution digital platform strategies, enterprises can determine the capability of utilizing existing opportunities in digital platforms, thereby effectively harnessing the potential value of digital platforms and avoiding hidden risks.

Second, from the financial perspectives of digital options and digital debt, this paper constructs a theoretical framework for the valuation and strategic analysis of digital technology investments, aiming to thoroughly understand and mitigate the values and risks generated during the investment process. The main conclusions are: (a) It's imperative to include digital options and digital debts in the evaluation models of digital technology investment value, thereby expanding the valuation theory model to "Investment Value = Static NPV + Digital Option Value - Digital Debt Value". This highlights the significance of the quality of digital technology products or services and constructs individual evaluation models for each primary value component. (b) In the uncertain and competitive market environment of digital technology investments, a significant amount of digital option value can emerge. Meanwhile, quality defects in the products or services resulting from digital technology investments can generate a significant amount of digital debt value. Typically, the digital option value has a positive effect on the value of digital technology investments, while the digital debt value has a diminishing effect. This compels enterprises to balance the values of digital options and digital debts when making digital technology investments.

Third, starting with peculiar phenomena in the value of digital enterprises, such as mega-platforms that are "valuable but unprofitable" and incumbent firms that are "profitable but not valuable," this paper reveals the "value first, profit later" digital option strategic thinking behind the sky-high valuations seen in digital M&A. The conclusion is that, when making digital M&A decisions, digital enterprises must thoroughly assess their actual digital option situations. Only by precisely grasping the timing and measures of M&A using digital option thinking and choosing M&A targets that fit with their development trajectories, can they realize orderly capturing and cashing of digital capabilities and resources, achieve high-quality digital M&A effects, and thereby promote the sustainable growth of digital capabilities and platform ecosystem value.