基于二叉树期权定价模型的企业R&D项目价值评估研究

Abstract

Abstract: This article introduces the Real Options Theory into the field of R&D project management.On the basis of Stagegate NPD Model,the application of binomial option tree model to evaluating the R&D is discussed.After comparison,it is concluded that the value of the R&D project will be underestimated because the NPV mistreated the risk in R&D,which would undermine the corporate investment decision.

Key words: R&D project, real options theory, NPV rule, binomial options tree model

CLC Number:

C931

MA Meng-meng, CAI Chen, WANG Zhao-xiang. Study on the Evaluation of R&D Projects Based on the Binomial Option Tree Model[J]. Chinese Journal of Management Science, 2004, (3): 22-27.

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Study on the Evaluation of R&D Projects Based on the Binomial Option Tree Model

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