摘要
科学、可行的风险投资项目评价方法是风险投资业健康、飞速发展的必不可少的条件之一。现有的建立在净现值法和资本资产定价模型基础之上的评价方法由于难于操作或不符合风险投资的特点 ,很难对风险投资项目进行有效的评价。在对风险投资行为特征进行深入分析的基础上 ,认为风险投资具有期权性质 ,提出了一种基于Black Scholes定价公式和ARCH(autoregressiveconditionalheteroskedasticity)模型的风险投资项目评价方法。
Scientific and feasible evaluation is one of necessary base of the healthy development of the venture investment. The methods based on the NPV and CAPM cant evaluate the venture investment project efficiently because they are difficult to carry out or not in accord with the characters of venture investment. By analyzing the venture investment deeply, we consider that it has option character, and give an evaluation of the venture investment project based on Black-Scholes pricing formulas and ARCH model.
