高新技术企业风险投资担保的双障碍期权价值研究

Venture Capital Guarantees in Hi-tech Enterprise Financing based on Double Barrier Options

资金瓶颈是制约高新技术初创企业发展的关键因素。提出了风险投资担保模式,认为通过担保公司提供担保来促进风险资本投入是有效解决融资难的途径。在分析风险投资担保双障碍期权特性的基础上,给出了担保定价模型及其求解,分析了执行价格和障碍值等关键因素对担保价值的影响,为担保公司作出恰当的担保决策提供了科学依据。

Financing bottleneck is a key factor that restricts the development of high-tech enterprises. This paper puts forward a venture capital investment guarantee model, which is an effective way to promote the investment of venture capital. On the base of options theory, the paper analyses the double barrier option character of guarantees, gives the valuation model and solution of guarantees, analyses the influences of exercise price and barrier value to guarantees＇ value by a case study, and provides theoretical basis for the decision-making of guarantees companies to venture investment.