Abstract: Based on the actual survey of high-tech companies in china,this paper tests the influence of different types of uncertainty on new technology investment decision in perspective of real options theory. The results show that the delaying effect of market and policy uncertainty and encouraging effect of technical uncertainty on investment decision are verified empirically in varying degree,while the moderating effects of competitive density and irreversibility on the relationship between uncertain and investment decision are not fully in accordance with the theoretical expectation. The results also bring to light some general rules in investment decision-making within high-tech companies,which can be referred for enterpises to apply the real option approach.

Key words: new technology investment, real option, uncertainty, competitive density, irrever sibility