创业企业价值的实物期权评估方法

The Method of Evaluationg for Real Option of the Venture Capital' Value

发展创业企业是各国实现经济迅速增长的重要途径。创业企业价值评估对于投资决策具有十分重要的意义。但是,目前常用的折现现金流量法无法完整地评估创业企业价值。因此,本文引入实物期权概念对创业企业价值进行分析,并运用Black-Scholes公式和二叉树模型对其价值进行评估。

Developing venture capital is one of important paths to realizing rapid ec onomic growth,so it is very important to e-valuate the value of venture capital in making investment decisions.But the valuation of venture capital can not be achieved perfectly by using DCF(discounted-cash-flow)method adopted frequently.T herefore,this paper analyses the value of Venture capital by intro-ducing the c oncept of real option,then evaluates its option value by the formula of Black-Sc holes and binominal tree model.