分阶段投资的币斗技项目评价  

Evaluation on Scientific and Technological Projects by Phrasal Investments

作　　者：王战果[1] 李岱松[2] 黎朝晖 

机构地区：[1]北京工商大学信息工程学院,北京100048 [2]北京工业大学经济与管理学院,北京100022 [3]中关树科技园区海淀园区,北京100097

出　　处：《北京工商大学学报（社会科学版）》2008年第6期54-57,共4页JOURNAL OF BEIJING TECHNOLOGY AND BUSINESS UNIVERSITY:SOCIAL SCIENCES

基　　金：北京市自然科学基金资助项目(资助编号：9082003)

摘　　要：科技项目是一个随着时间推移不断积累的过程,一般来说,为了规避投资风险,投资者往往分阶段进行投资,比如分为初期实验、中试期和投产期等,每一阶段都隐含多种期权,各个期权之间的价值往往是相互作用的,故应视为复合期权。本文在分析科技项目多阶段性和其所隐含的实物期权价值基础上,建立了基于复合期权模型的分阶段科技项目评价方法。Any scientific and technological project is a continuous accumulation process with the time going. In general, in order to avoid investment risks, investors tend to make investment stage-by-stage including early experimental period, trial period, production period, etc. Each stage involves a variety of options, all of which are often interacted with each other. Thus, it should be regarded as complex options. Based on the analysis of multi-stages in scientific and technological projects and their implied value of real options, a method is built in this paper to evaluate scientific and technological projects by phrasal investments based on complex option model.

关 键 词：分阶段投资 科技项目 复合期权 评价 

分 类 号：G830.59[文化科学—体育训练]