现实期权在R&D项目评价中的应用

Real options valuation in R&D project evaluation

本文首先指出R&D项目应被看作一个复合的现实期权 ,并对现实期权涉及的一些因素作了系统的分析 ,在此基础上 ,引入Geske模型 ,并结合具体实例作出评价。最后 ,与NPV方法进行对比分析 ,指出了现实期权方法的优点在于考虑了灵活性。

This paper points out that R&D project should be realized as real compounded options, and then talks over the factions incluede in real options. On the base the Geske model that is mainly for the compounded options is applied and there is an example given. At last the difference between real options and NPV methods is discussed an it examines an important source of real options, named flexibility. Key word: R&D; real options; compounded options; NPV; Geske Model; flexibilityge recovery signatures$$$$ LI Zi chen 1,LI Zhong xian 2,YANG Yi xian 2 (1.Department of Computer Science and Technology,Tsinghua University Beijing 100084,China; 2.Information Security Center,Beijing University of Posts and Telecommunications,Beijing 100876,China) Abstract:In this paper,we will analysis the security of digital signatures with message recovery and propose another new forgery attack methods on the digital signatures which separately are called NR digital signatures designed by Nyberg Rueppel and (F1)(F2)designed by Miyaji