风险投资主体对高新技术企业分阶段投资的时机选择  

Research on staging investment cost and supplemented investment triggers of early-stage-high-technology growth-oriented companies

作　　者：郭菊娥[1] 晏文隽[1] 张国兴[1] 

机构地区：[1]西安交通大学管理学院,西安710049

出　　处：《系统工程理论与实践》2008年第8期38-43,共6页Systems Engineering-Theory & Practice

基　　金：国家自然科学基金(70473072;70773091)

摘　　要：为了研究风险投资主体对高新技术企业分阶段投资的时机选择,构建了实物期权模型.该模型基于追加投资的最佳时机随波动率变化不是单调函数这一特点,对Cossin的混合买入期权模型做出了修正,利用该模型建立二次微分方程证明了追加投资的最佳时机和分阶段投资成本的具体表达式,并对分阶段投资和一次性投资两种策略进行了比较分析,结果表明分阶段投资比一次性投资的成本及风险低.A combination approach based on real option and CAPM model is presented for illuminating the value of staging investment in early-stage-high-technology gn,wth-oriented companies. Process of staging risk investment has been simulated by Cossin＇ s mix option model, supplemented invesanent triggers and investment cost has been obtained. Compared with one - off investment, it is evident that staging investment cost is lower than that of one - off invesanent and as well as risk.

关 键 词：实物期权 CAPM模型 分阶段投资 时机选择 

分 类 号：F276[经济管理—企业管理]