期权定价理论在风险投资决策中的应用

Application of option theory in the venture investment decision

研究了风险投资方案的构造与评估方法 .将投资方式灵活、分两阶段的投资方案视为欧式复合期权 ,引入实物期权定价理论 ,并用二叉树模型演示其价值评估过程 .将传统的净现值法用于评估投资方式固定、不含期权的投资方案的价值 .研究表明 ,在不确定性因素较大的环境中 ,含有期权的投资方案更有益于控制风险 ,因此 。

Option-pricing theory was used to estimate the two-stage flexible investment plan considered as compound European option. The traditional NPV approach was used estimate the inflexible investment plan. An example given and proved that the investment plans including options is better under uncertainty. It is conduced that option-pricing theory is more suitable for the decision of venture investment.