风险投资投资科创企业的期权价值研究

Research on the Option Value of the Coupling of Venture Capital and High-tech Start-ups

研究风险投资投资科创业企业问题对促进科技进步、风险投资发展乃至强国富民都具有十分重要理论和现实意义.借鉴陈庭强等(2017)的方法用CobbDouglas函数来表示风险投资投资科创企业的收益,并用实物期权理论评估风险投资投资科创企业的投资价值,并用案例进行了实证.研究表明,基于Cobb-Douglas函数下的实物期权模型能较好评价风险投资投资科创企业的价值,有利于风险投资和科创企业发现合作机会,加强彼此合作,促进风险投资和科创企业的共同发展乃至社会进步.

It is of great theoretical and practical significance to study the problems that venture capital invests high-tech start-ups in promoting the progress of science and technology,the development of venture capital and even strengthening the country and enriching the people.Based on the method of Chen Tingqiang et al.(2017),this paper uses Cobb Douglas function to express the return of venture capital investment in high-tech start-ups,and evaluates the investment value of venture capital investment in high-tech start-ups with real option theory,and makes an empirical study with a case.The research shows that the real option model based on Cobb Douglas function can better evaluate the value of venture capital investment in high-tech start-ups,which is conducive to venture capital and scientific and technological innovation enterprises to find cooperation opportunities,strengthen mutual cooperation and promote the common development and social progress of venture capital and scientific and technological innovation enterprises.