期权博弈理论在创业投资项目评价中的应用  

Application of Option Game Theory in the Valuation of the Start-ups in Venture Capital

作　　者：李治[1] 陈述[2] 

机构地区：[1]南开大学国际商务研究所 [2]南开大学国际经济研究所

出　　处：《财经科学》2012年第11期57-65,共9页Finance & Economics

摘　　要：创业企业的竞争性使我们在对项目进行估值评价时除了考虑投资项目中所包含的实物期权外,还要考虑和竞争对手之间相互影响、相互制约的关系。因此,创业投资的项目评价不仅具有期权特性,还具有博弈特性。本文通过论证期权博弈理论在创业投资领域适用性的基础上,建立了一套创业投资项目价值的期权博弈评价方法,同时进行了检验,并将检验结果与传统评价方法进行比较。When growing up, every start - up will definitely face a lot of competition, so we should take the impact from competitors as well as the real option in to account when pricing them. The valuation of the start - ups shows not only the characters of real option but also the characters of game. In this paper, after dis- cussing the competition effects during the venture capital process, we established a pricing model based on the option game theory. The result of the empirical study shows that this model is more precise than the tradi- tional methods.

关 键 词：创业投资 期权博弈 定价 

分 类 号：F224[经济管理—国民经济] F272F830.59