风险投资中企业价值评估的模糊期权定价模型  

Fuzzy option pricing model for the evaluation of investees in venture capital investment

作　　者：李姚矿[1] 熊兴华[1] 夏琼[1] 张行宇[1] 

机构地区：[1]合肥工业大学管理学院,安徽合肥230009

出　　处：《合肥工业大学学报（自然科学版）》2008年第9期1494-1496,1531,共4页Journal of Hefei University of Technology：Natural Science

基　　金：安徽省自然科学基金资助项目(070416276X)

摘　　要：文章基于科技型中小企业的特点与风险投资者对企业发展的乐观程度,对实物期权模型的参数模糊化,提出了适合科技型中小企业价值评估的模糊实物期权定价模型;通过案例分析,得出了风险投资者在不同乐观度下的企业价值以及投资后的持股比例。Based on the characteristics of the small and medium-sized high technology enterprises and the optimistic degrees of the risk investor for the enterprises, a fuzzy real option pricing model for evaluation of the enterprises is proposed by fuzzifying the parameters of the real option model. Through the analysis of a case, the enterprise value and the equity ratio are obtained with different optimistic degrees of the risk investor.

关 键 词：企业价值 模糊数 BLACK-SCHOLES公式 模糊期权 

分 类 号：F830.59[经济管理—金融学]