基于复合实物期权的高科技企业价值评估方法  

High-tech enterprise evaluation method on the basis of multiple real options

作　　者：兆文军[1] 徐冬冬[1] 

机构地区：[1]大连理工大学经济系,辽宁大连116024

出　　处：《大连理工大学学报（社会科学版）》2007年第2期50-54,共5页Journal of Dalian University of Technology(Social Sciences)

摘　　要：从投资者角度出发,根据高科技企业的特点,把高科技企业整体看成一个含有复合实物期权的风险投资项目,应用Geske复合期权定价模型,建立了高科技企业价值的复合实物期权评估方法。在计算期权标的资产的当前价值时,用企业的经济增加值(EVA)的现值取代了项目现金流的现值,提高了估值的准确性。用上市公司数据验证了该评估方法的有效性。According to its characteristics,investors can evaluate high-tech enterprise as a risk investment project which contains multiple real options,and design the evaluation method based on Geske model.When the present value of underlying asset is accounted,the present value of the enterprise's EVA replaces that of the cash flow,consequently overcoming the disadvantage of discount cash flow,advancing the veracity and maneuverability of evaluation.In order to prove its validity,the authors apply the method to the listed company.

关 键 词：实物期权 价值评估 高科技企业 

分 类 号：F830.9[经济管理—金融学]