基于实物期权的高科技创业公司价值测度研究

Research on the value measurement of high tech startup companies based on real options

风险投资是高新技术公司筹资的一条重要渠道,高科技创业公司的价值测度是考核风险投资效果的重要手段。本文在文献综述基础上,针对高科技创业公司的价值构成的特性,对高科技创业公司的价值构成进行了深入研究,将其区分为:净资产价值、资产溢价、增长期权溢价、协同效应溢价、人力资源价值增值和其他价值等六部分,采用未来现金流贴现以及服从跳跃式分布的实物期权理论构建了相应的测度模型,并利用创业公司的实际资料进行了应用分析,为风险投资决策及风险资金的退出定价提供了一种定量分析方法。

Valuation of risk enterprises is a fatal aspect, to some extent, in decision making of risk investment, especially relating to the quit of risk capital from risk enterprises. In fact, companies specified as high-tech or innovations often have option character apparently in their value aspect. So, based on the characters of value composition of these companies, we divided it into five parts, that is, net asset value,assets spread, option spread, synergy spread and human capital spread accordingly. Then some corresponding models were set up with the method of discounted cash flow and real option theory, which also were used in the applied case analyzing in the final part of the paper.