高科技公司的合理定价

Rational Pricing of High Science and Technology Companies

在随机控制的框架下 ,给出了一般的合理定价高科技公司的模型 ,考虑到高科技公司的管理柔性 ,采用动态规划和实物期权定价思想和方法 ,给出高科技公司价值所满足的偏微分方程 .在特殊情况下 ,给出解析解 ,讨论了参数的影响 ,最后 ,给出一个应用实例 .

A general model for the rational pricing of high science and technology companies is formulated and analyzed within a stochastic control theoretic framework. Using dynamic programming and real-options theory, we will lead to the governing partially differential equation for the value of high science and technology companies. In special case, we give a close form solution, and analyze the influence of the parameters. Finally, present an applied example.