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

Abstract

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

CLC Number:

C934

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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The Real Option Value of the Multi-Period Venture Investment

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