融资结构对R&D项目期权价值的影响研究

Effect of Financial Structure on Option Value Embedded in R&D Project

本文以无风险套利为理论基础 ,导出 R& D项目评价的实物期权方法 ,采用该方法研究融资结构对处于中试阶段的 R& D项目内含期权价值的影响。债务与股权混合融资的期权价值最大 ,其次为风险投资家分阶段债券投资 ,风险投资家一次性投资债券以获取稳定的收益时 ,期权价值最小。

We analyze effect of financial structure on option valu e embedded in R&D project by real option method, which is based on riskless arbi trage principle. When mixed debt and equity financing is used, option value is t he greatest. Option value of Staged debt financing comes next and option value o f one-shot debt financing is the least.