实物期权定量分析方法在风险投资决策中的应用

The Application of the Quantitative Analysis of Real Options in Venture Capital Decision-making

在风险投资项目中,不确定性对风险项目投资评价、决策起到了决定性的作用。运用实物期权原理分析了不确定性对风险投资项目评价和决策的影响,通过风险中性概率方法将这些影响予以定量化,并进一步对实际投资行为作出解释。

In venture investment projects, uncertainty plays a decisive role in the evaluation and decision - making of venture capital. This paper analyzed the effects of uncertainty on evaluation and decision - making of venture capital projects with real options theory, and quantified the effects with risk -neutral probability approach, and also made further explanations on real investment behaviors.