基于实物期权理论的风险投资项目评价

Venture Project Investment Evaluation With Real Option Theory

期权理论在金融领域的应用十分广泛,实物期权理论也被用于企业投资项目评价之中。针对风险投资项目的特殊性,以期权理论为基础,阐述风险投资项目的期权特征,进而以实例分析Black—Scholes期权定价模型在风险投资项目评价中的应用,并与NPV法所得出的结果进行对比,从而达到对投资和管理进行决策的目的。

Option theory is extensively used in the area of finance and real option theory is also used in evaluating enterprise project investment. Considering the character of venture project investment, the paper adopts option theory to expatiate the option character of venture investment project. It analyzes the application of Black- Scholes option pricing model in evaluating venture investment project, with a comparison between compares option method and NPV- method.