基于现实期权理论的R&D项目延迟决策

Delay Decision of R&D Project Based on the Real Option Theory

在充分考虑R&D项目 (研发项目 )特点的基础上 ,将R&D项目的投资机会看成一个看涨的美式期权 ,利用现实期权理论推导出项目实施的临界值 ,该值可用来作为企业是否需要延迟投资的标准 ,这对确保R&D投入得到有效产出有现实意义。

After discussing the R&D project′s characters,the chance of the R&D project investment is recognized as an American option.So we can get the threshold value to trigger investment which can be used as a standard to decide whether a company needs to delay investment.This is of importance to make R&D project effective.