现实期权在高科技企业风险投资中的应用

Application of Real Options Theory to Venture Capital Evaluation in High Technology Corporations

首先分析了风险投资的特征 ,指出对高科技企业的风险投资过程应视为一种复合期权 ,并在此基础上建立了一个评价风险投资决策的Geske现实期权模型 ,它可避免风险投资决策中使用传统评价方法造成的机会损失 ,该模型具有一定的理论和参考价值。

The paper analyses the characteristics of venture capital and indicates that the process of venture capital should be viewed as a compound option. Based on this,it builds a Geske model-real option about the evaluation of venture capital. The model has a theoretical and reference value.