基于期权定价理论的风险投资决策

项目评价的传统方法———净现值(NPV)法在应用于风险投资项目时,由于低估了投资价值,往往会使得投资者失去一些有价值的投资机会。结合风险投资的特性,将期权定价理论应用于风险投资决策中,并建立连续及离散两种状态下的决策模型

Venture Capital Policy Making Based on Options Pricing Theory

The traditional method-net present value (NPV) method in venture capital decision making process often underestimates capital value. It always results in the loss of investment opportunity for investor. This paper tries to apply options pricing theory to venture capital decision making according to the character of venture capital,and establish the decision making models in the state of making discretion and continuity.