基于实物期权定价的改进净现值法在风险投资项目评估中的应用  

Application of the Improved NPV Method Based on the Real Option Prising to the Project Appraisal of Venture Capital

作　　者：何江妮[1] 

机构地区：[1]新疆财经大学应用数学系,新疆乌鲁木齐830012

出　　处：《新疆师范大学学报（自然科学版）》2007年第4期28-31,共4页Journal of Xinjiang Normal University(Natural Sciences Edition)

摘　　要：文章分析了传统净现值法(NPV法)在风险投资项目决策中的局限性,提出了一个基于实物期权定价的改进净现值的投资项目评估模型,指出从期权的角度来看,一个项目的真实价值ENPV应当等于项目的净现值NPV加上该项目由于灵活性增加的期权溢酬OP,最后以实际案例阐述了上方法在风险投资中的应用。By analyzing the limitations of the application of the traditional NPV method to the decision of venture capital project appraisal, this paper proposes an investment project appraisl model of the improved NPV method which is based on the real option prising. And it also points out that the real value of a project is equal to the NPV add increased OP, because of flexibility of the project. In the end, it demon-strates with examples the application of the NPV method to venture capital.

关 键 词：净现值法(法) 实物期权 风险投资 

分 类 号：F224.9[经济管理—国民经济]