| 基于实物期权理论的R&D项目投资决策研究 |
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| 引用本文： | 王明明,张年武,韩刚.基于实物期权理论的R&D项目投资决策研究[J].北京交通大学学报(社会科学版),2006,5(3):61-63,84. |
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| 作者姓名： | 王明明 张年武 韩刚 |
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| 作者单位： | 北京化工大学经济管理学院 北京100029 |
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| 摘 要： | 本文在对实物期权理论和R&D投资项目中的期权特征进行总结的基础上,运用期权定价模型分别对R&D投资项目中的延迟期权和增长期权进行定价,从而得到R&D投资项目的收益现值在决策时点的临界值,以此作为企业进行R&D项目投资的决策依据。
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| 关 键 词： | 实物期权 期权定价 R&D投资 价值评估 |
| 文章编号： | 1672-8106(2006)03-0061-03 |
| 修稿时间： | 2006年5月18日 |
Decision of High-Tech R&D Investment Project Based on Real Option |
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| WANG Ming-ming,ZHANG Nian-wu,HAN Gang.Decision of High-Tech R&D Investment Project Based on Real Option[J].Journal of Beijing Jiaotong University Social Sciences Edition,2006,5(3):61-63,84. |
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| Authors: | WANG Ming-ming ZHANG Nian-wu HAN Gang |
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| Abstract: | Real options are realistic options for the concept of option to the physical assets.From the uncertainty and flexibility of investment projects,we can determine the real value of the project.Based on a review of real options and the option characters in R&D investment project,this paper using option pricing models analyzes the value of option to defer and grow the option in R&D investment project,and obtains the optimal critical price level of the object enterprise PVB at the decision point which enterprise can make decisions according to. |
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| Keywords: | real option option pricing R&D investment estimating valuation |
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