| Application of Binomial Option Pricing Model to the Appraisal of Knowledge Management Investment |
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| 引用本文： | Jing Sui Jinsheng He Jiancheng Yu. Application of Binomial Option Pricing Model to the Appraisal of Knowledge Management Investment[J]. 中国经济评论(英文版), 2005, 4(3): 1-5 |
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| 作者姓名： | Jing Sui Jinsheng He Jiancheng Yu |
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| 基金项目： | This paper is supported by National Natural Science Foundation of China （NSFC） and Ph.D. Research Fund. |
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| 摘 要： | This paper views knowledge management （KM） investment from the angle of real options, and demonstrates the utility of the real options approach to KM investment analysis. First, KM project has characteristics of uncertainty, irreversibility and choice of timing, which suggests that we can appraise KM investment by real options theory. Second, the paper analyses corresponding states of real options in KM and finance options. Then, this paper sheds light on the way to the application of binomial pricing method to KM investment model, which includes modeling and conducting KM options. Finally, different results are shown of using DCF method and binomial model of option evaluation via a case.
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Application of Binomial Option Pricing Model to the Appraisal of Knowledge Management Investment |
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| Abstract: | |
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| Keywords: | knowledge management real options binomial option pricing model project appraisal |
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