高新技术企业增长机会价值评估  

EVALUATION ON GROWTH CHANCE OF NEW HIGH-TECH ENTERPRISES

作　　者：杨清清[1] 李金林[1] 

机构地区：[1]北京理工大学管理与经济学院,北京100081

出　　处：《北京工商大学学报（自然科学版）》2006年第6期56-59,共4页Journal of Beijing Technology and Business University:Natural Science Edition

基　　金：北京市科委科技计划项目(H031030010120)

摘　　要：针对高新技术企业具有的不确定性、高投入、高风险、高成长性以及发展阶段性等特点,应用增长期权方法对传统的企业价值评估模式和方法进行了有效的补充.研究了增长期权的投资期权、创新期权和控制期权等3种期权模式,并且运用布莱克-舒尔斯模型和盖斯克模型对不同类型的增长期权进行定价.最后指出了折现现金流法(DCF)和实物期权方法本质上是互补的,将这两种方法相结合能更科学客观地评估高新技术企业的价值.Towards the defectiveness of these conventional valuation methods as well as the typical characteristics of high new technology enterprises, such as uncertainty, high investment, high risk, and high development and so on, real option method is effective supplement for these conventional methods. In this paper, the authors divided enterprise growth option into investment option, innovation option and control option, and the valuing methods for each options were studied applying Black-Schoels model and Geske model. Finally, the paper presents that DCF model and real option model are related each other in their nature, if we can use them in proper way, we could get a better result.

关 键 词：高新技术企业 增长期权 价值评估 

分 类 号：C934[经济管理—管理学]