实物期权、二项式定价模型与融资结构——不确定性环境下初创企业融资决策探讨

Real Option,Binomial Model and Financial Structure——A Research on Financing Decision for Start up Firm in Uncertainty

实物期权不但在投资决策中有着广泛的应用,而且在融资决策中也扮演着重要的角色。本文以期权的风险中性定价方法及二项式定价模型为理论基础,探讨了不确定情况下实物期权在初创企业融资决策中的应用。

Real option is widely applicable in investment decision and it also plays an important role in financing decision.The paper expounds the application of real option in the financing decision of startup firms in uncertainty on the theoretical basis of riskneutral pricing approach and binomial model.