高新技术产业化中风险投资问题的实物期权分析

The Real Option Analysis Method of Venture Investment in the Industrialization of High-New Technology

高新技术产业由于具有投资的不可逆性和很大的收益不确定性,因此不能采用传统的净现值方法来评估是否对其投资。本论文在分析高新技术产业特点的基础上,提出了嵌入期权的现金流量图评估方法,并且根据经验法则求出了风险投资公司应占高新技术企业的股份。

Because of irreversibility of investment and uncertainty of profit in the industrialization of high-new technology,we can't adapt traditional NPV method to decide whether to invest or not。On the basis of the analysis of the characteristics of the in鄄dustrialization of high-new technology,this article put forward an evaluation method of nested option cash flow fig,and solve the share problem of venture investment enterprise to high-new technology corporation according to experience principles。