风险投资项目价值评估的多阶段复合实物期权模型

A Multi-stage Compound Real Option Model for Valvetion of Venture Capital Project

将实物期权理论和方法应用于风险投资项目价值评估中,由于风险投资的分阶段特性,把风险投资项目看作是由一系列欧式期权构成的复合期权,建立了风险投资项目价值评估的多阶段复合实物期权模型,并提出相应的算法,最后,给出一个简单的计算实例。

This paper applies the real option theory to the valve of venture capital project.Because of staging in venture capital,investment project is regarded as the compound real option formed by a series of European options.A multi-stage compound real option model of the valvetion developed for venture capital project.The corresponding algorithm is proposed and a simple example is provided to illustrate the model and algorithm.