高科技项目投资期权的定价研究

High-tech Project Investment Options Pricing

常用的投资评价理论往往忽略了投资决策中的灵活性,把决策看成是一个静止的过程。实物期权方法为投资决策提供了一个全新的视野,它把金融期权的思想运用到实物资产的评价中,充分考虑到高科技项目的不确定性,以一种动态的方法来评价整个项目。在此,构建资产价格遵循Possion过程的项目投资期权定价模型,为不确定条件下高科技项目投资提供了一定的现实意义。

Common investment evaluation theories often overlook the flexibility of the investment decision process and take the investment decision as a stationary decision-making process.The real option methods provide a new option for investment decision as it puts the financial options to the physical assets evaluation,fully considering the uncertainty of high-tech projects and evaluating the whole project with a kind of dynamic method.At this point,constructing high-tech project investment options pricing model under uncertainty of asset prices following Possion process provides some practical significance.