摘要
为了准确地评价高科技项目投资价值,在分析实物期权定价理论的基础上,结合高科技项目投资的特点,把二项式模型与B-S模型结合起来,建立了高科技项目投资价值评价的实物期权定价模型．通过该模型可以捕捉到镶嵌在高科技项目中的管理柔性价值和战略期权价值,进而对这些期权进行定量分析．该方法能提高高科技投资项目管理的实践水平和理论水平,进而提高决策质量．
In order to evaluate accurately the invested value of hi-tech project, based on analyzing real options pricing theory and summing up the features of hi-tech project, a evaluation model of hi-tech project is set up by combined with Binominal and B-S models. With the help of the new model, we can capture management values and strategic option values hidden in hi-tech projects. This method can enhance decision-maker＇s practical level and theoretical capabilities, and thus improve investment qualities.
出处
《北京工业大学学报》
CAS
CSCD
北大核心
2006年第1期92-96,共5页
Journal of Beijing University of Technology
关键词
实物期权
项目评估
期权定价
高科技项目
real option
project valuation
option pricing
hi-tech project
