摘要
风险投资项目评估是进行风险资本运作的基础,是否采取科学的评估方法直接关系到风险投资的成败。本文首先分析了传统的折现现金流量(DCF)法在评价风险投资项目价值时存在的缺陷,在此基础上,引入了实物期权的概念,将风险投资项目看成是由一系列相互影响的单一期权构成的复合期权;然后提出了一种适合于风险投资项目价值评估的复合期权评价模型;最后运用实例验证了后者更能准确地对风险投资项目价值做出全面评估。
The paper analyses the defects of the traditional investment decision method for evaluating the venture capital project which possesses option characteristics,and indicates that a compound real options model should be more applicable for that.Then a numerical example was used to illustrate the difference between the two methods,and the latter is verified to be more suitable for pricing the value of the venture capital project.
出处
《西安财经学院学报》
2004年第6期38-41,共4页
Journal of Xi’an University of Finance & Economics
