企业高新技术项目投资决策的基本问题分析

Analysis of Basic Problems about Investment Decision on Enterprise High and New-technology Item

企业进行高新技术项目投资非常必要。由于高新技术项目投资具有高收益、高风险的显著特点 ,因此制定合理的投资策略显得尤为重要。其中高新技术项目价值的评价、高新技术项目的企业的投资规模以及高新技术项目的风险投资的股权比例是高新技术项目投资决策中不容回避的重要的基本问题。从期权理论角度分析认为 ,高新技术项目价值的评价宜采用实物期权的方法 ;从效用理论角度分析认为 ,企业的高新技术项目的投资规模存在着上限值 ;从博弈理论角度分析认为 ,企业家应占有高新技术项目的风险投资的股权比例的一半以上。希望这些结论和方法能对企业高新技术项目投资决策的实践起到一定的实用参考价值。

It is necessary to invest high and nev- technology item for enterprise. Deciding a reasonable tactic is very im portant in that investment in high and nev- technology item has the out standing characteritics of high profit and high risk. While the basic problems of valuation,investment scale and venture intestment share scale of high and new- technology item is inevitabl and im portant when investm ent decision. In this paper,it is conclued that real option method is suitable in valuation of high and new- technology item from option theory,there is an upper limit in enterprise investm ent scale from utility theory,and enterpriser should possers than half share scale of ventrue mvestment from gam e theory. It is desire that these conclusions and methods could have pratical and cousult value to pratice of investm ent decision on enterprise high and new- technology item .