实物期权在风险投资中的应用研究  

Study on the Applications of Real Options in the Venture Capital Context

作　　者：陈秋东[1] 汪少华[1] 

机构地区：[1]浙江工业大学经贸管理学院,杭州310014

出　　处：《软科学》2004年第5期37-40,共4页Soft Science

基　　金：国家自然科学基金(70173033);浙江省自然科学基金(799002)

摘　　要：利用实物期权理论可以对不确定性条件下的各种选择权进行定量分析,从而提供一个有用的投资决策框架。文章详细论述了实物期权在风险投资中的应用,并以分段投资期权为例证明实物期权确实能给风险投资家带来某些创见,最后对实物期权的适用性进行了一定评述。Real options are developed based on financial options. By using the real option theory, all sorts of options can be analyzed quantitatively under an uncertain condition, which provides a useful framework for investment decision. This paper discusses the applications of real options in venture capital context in detail. By presenting an example of the staged investment option, it proved that the real options could exactly bring some useful insights to the venture capitalists. Finally, this paper reviews the advantages and limits of these applications.

关 键 词：实物期权 风险投资 分段投资 投资决策 

分 类 号：F832.48[经济管理—金融学]