期权定价理论在风险投资决策中的应用探析

鉴于风险投资决策传统方法的局限性及风险投资的期权特性,根据金融期权的定价方法,引出实物期权的定价公式。通过计算风险投资项目中实物期权的价值,比较分析NPV法与实物期权定价法的差异,可得出在风险投资中引入实物期权的思想,对风险投资者作出正确的投资决策,以及对风险资本的保值增值有重大的指导意义。

On the Application of Options - Pricing Theory in Risk - Investment Decision - Making

Considering the limitation in traditional investment risk decision-making and the options features in risk investment, the paper derives pricing formula in real options transaction, which has been applied in financial options. Through calculating the value of real options in venture investment and comparing and analyzing the similarities and differences between NPV method and real options method, the paper argues that the introduction of real options method into venture investment will help investors making right decisions and appreciating of venture capital.