民营高科技企业创业融资方案的复合期权评价

The Compound Options' Evaluation of the private High-Tech Enterprise's Venture and Financing Project

创业融资是民营高科技企业在技术创新的中后期筹集资金的主要方式,民营高科技企业创业融资呈现出多阶段序列融资的特性。利用实物期权理论,将期权的定价思想和分析方法应用于投资项目价值评估中,采用多阶段复合期权对民营高科技企业的创业融资方案进行了评估。

Venture and financing is the main ways for the private high-tech enterprises to raise funds in the latter part of technological innovation. Private high-tech venture financing showing the sequence of a multi-stage specianlity. Therefore Using real options theory for applying the tions＂ pricing thinking and analytical methods in assessing the value of investment projects, and using the multi-stage complex options is appropriate to assess the the private high-tech ecterprises＂ venture and financing project.