期权定价理论在风险投资决策中的应用  

Discussion on the Application of Option Pricing Theory in the Venture Investment Decision

作　　者：贾晓东[1] 潘德惠[1] 马恩杰[2] 

机构地区：[1]东北大学工商管理学院,辽宁沈阳110004 [2]东北大学信息科学与工程学院,辽宁沈阳110004

出　　处：《控制工程》2003年第3期209-211,共3页Control Engineering of China

基　　金：国家重点科技攻关项目(97 562 03 01)

摘　　要：在研究了风险投资的含义和基本特点的基础上,介绍了传统的投资决策方法即净现值法和内部收益率法的基本原理,并且指出现有的建立在净现值法基础之上的评价方法由于难以操作或不符合风险投资的特点,很难对风险投资项目进行有效的评价。在对风险投资行为特征进行深入分析的基础上,认为风险投资具有期权性质,提出了一种基于Black Scholes定价公式的风险投资项目评价方法,从而有效克服了传统净现值法的局限,增加了风险项目投资决策的合理性和科学性。The basic principles of the traditional investme nt decision-net present value and net present value are introduced on the base of studying the meanings and characteristic of Chinese venture capital. On the same time, indicates that the methods based on the NPV can't evaluate the ventu re in vestment project efficiently because of it carrying out difficultly or not accor ding with the characters of venture investment. By analyzing the venture investment deeply, it is considered that it has option character, and gives an evaluation of the venture investment project based on Black-Scholes pricing formulas which overco mes the limit of traditional NPV method and promotes the reasonableness and scie ntiness of the decision making of venture project investment.

关 键 词：风险投资决策 期权定价理论 净现值法 内部收益率模型 投资项目 

分 类 号：F830.59[经济管理—金融学]