摘要
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。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 not adopt traditional NPV method to decide whether to invest or not. Having analyzed of the characteristics of the high-new technology industrialization, this article puts forward an evaluation method of nested option cash flow figure, and solves the share problem of venture capital enterprises in high-new technology corporations according to empirical principles.
出处
《管理科学》
CSSCI
2004年第1期95-96,F003,共3页
Journal of Management Science
关键词
风险投资
实物期权
期权定价
Venture capital
Real-options
Option pricing
