高新技术风险企业价值评价的实物期权方法

Application of Real Options Theory to High-tech Venture Enterprise Value Evaluation

评价高新技术风险企业的价值应该使用复合期权模型,该模型的建立对风险投资者正确评估高新技术风险企业价值具有较强的现实意义,既可以避免传统方法造成的机会损失,又可使投资收益最大化。但许多高新技术风险投资项目缺少历史数据可供参考,使得描述高新技术风险投资项目不确定性的波动率σ很难取得是该模型应用中的最大困难。

The compound option model of evaluating the high and new technology venture enterprises value should be used, which has very strongly realistic meaning of the building of the model when evaluating the high and new technology venture enterprises value,because it can not only avoid the losing of opportunity of the traditional method ,but also maximize investment profit. But many high and new technique venture enterprises are lacking in history data,to the biggest difficulty of using the model is that it is not easy to obtain the indetermination motion rate σ that can be used to describe risk of the high and new technique investment items.