摘要
在对投资期权研究的基础上,分析了传统投资决策方法中NPV法的不足,指出传统NPV法低估了R&D项目的投资价值。对R&D项目投资决策的离散状态、连续状态和两阶段状态,分别运用期权理论进行了定量分析。
On the basis of the research of real options, the shortcoming of the net present value(NPV) approach-one of the traditional approaches of investment decision-is pointed out in this paper. It is also found that NPV may undervalue the research and development(R&D) project. The discrete-time model, the continuous-time model and the two-period model of an R&D project investment decision are gotten. An example of investment decision of R&D is given.
出处
《电子科技大学学报》
EI
CAS
CSCD
北大核心
2000年第6期651-654,共4页
Journal of University of Electronic Science and Technology of China
基金
湖北省重点科技资助!98P2318
关键词
投资决策
研究发展
期权理论
净现值法
investment decision
research and development
real options theory
net present4
