分阶段风险投资决策实物期权价值分析——分阶段投资的延期效应与风险效应

中国管理科学 ›› 2005, Vol. ›› Issue (3): 26-31.

分阶段风险投资决策实物期权价值分析——分阶段投资的延期效应与风险效应

刘晓宏

上海财经大学会计学院, 上海, 200433

收稿日期:2004-06-17 修回日期:2005-04-05 出版日期:2005-06-28 发布日期:2012-03-07
基金资助:
上海财经大学211工程资助项目

The Real Option Value of the Multi-Period Venture Investment

LIU Xiao-hong

School of Accountancy, Shanghai University of Finance and Economics, Shanghai 200433, China

Received:2004-06-17 Revised:2005-04-05 Online:2005-06-28 Published:2012-03-07

摘要/Abstract

摘要： 本文在探讨风险投资决策期权特性的基础上,利用实物期权的定价模型度量了相对于单阶段投资的多阶段投资策略所能带来的价值,并针对分阶段投资所产生的效应进一步挖掘,提出风险效应与延期效应的概念。最后通过案例演算验证了分阶段风险投资的价值所在。

关键词: 风险投资, 实物期权, 分阶段投资, 投资决策

Abstract: Based on the real option character in the venture investment decision,this paper measured the value brought by the multi-period investment strategy in comparison with the single-period investment strategy.Aimed at the effect brought about by the multi-period venture investment,we defined the deferred effect and risk effect. At the end we validated the option value of multi-period investment by case analysis.

Key words: venture investment, real option, multi-period investment, investment decision

中图分类号:

C934

刘晓宏. 分阶段风险投资决策实物期权价值分析——分阶段投资的延期效应与风险效应[J]. 中国管理科学, 2005, (3): 26-31.

LIU Xiao-hong. The Real Option Value of the Multi-Period Venture Investment[J]. Chinese Journal of Management Science, 2005, (3): 26-31.

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