| 风险投资决策评价方法的比较分析 |
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| 引用本文： | 柳治国.风险投资决策评价方法的比较分析[J].湖南经济管理干部学院学报,2008,2(1):107-109. |
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| 作者姓名： | 柳治国 |
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| 作者单位： | 中南林业科技大学经济学院,湖南长沙410004 |
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| 摘 要： | 风险投资的投资决策方法较多，实践中常用的有贴现现金流量法，但这种方法管理柔性差，战略适应性不强，通常会低估项目的投资价值；而实物期权法，可使决策者在投资决策中有意识地构造实物期权，并利用金融期权理论正确评估项目的价值。所以用实物期权法来评价风险投资决策更优于贴现现金流量法。
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| 关 键 词： | 风险投资 决策评价 实物期权 复合期权 |
Comparative Analysis of Investment Appraisal of Venture Capital |
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| LIU Zhi-guo.Comparative Analysis of Investment Appraisal of Venture Capital[J].Journal of Hunan Economic Management College,2008,2(1):107-109. |
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| Authors: | LIU Zhi-guo |
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| Institution: | LIU Zhi-guo(College of Economics, Central South University of Forestry ＆ Technology, Changsha 410004, Hunan, China) |
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| Abstract: | There are several investment appraisals of venture capital, one of which in practice is ＂discounted cash slow approach＂, but this approach is not flexible in management, not adaptable in strategy, and undervalue the investment. However, the present popular real option approach, in which decision maker can consciously create real option in investment appraisal and value the investment correctly by finance option, is better than ＂discount cash flow approach＂. |
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| Keywords: | venture capital investment appraisal real options complex options |
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