Abstract: R&D project investment decision is the key of R&D management in modern enterprises,and the reasonable and correct R&D project evaluation has great strategic and practical significance.In this paper,on the real option perspective,taking into account the flexibility of R&D project investment,combining the character of stages of R&D project,analyzing comprehensively market risk,technology risk and emergency risk during the lifetime,the multi-stage R&D project evaluation model is established under the circumstance of risks.Finally,through an example conducting horizontal comparison and sensitivity analysis,the correctness and reasonability of model are verified.

Key words: R&D project, real option, risk, stage, evaluation model