| 复合期权在R＆D项目投资评价中的应用 |
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| 引用本文： | 马风华,许华.复合期权在R＆D项目投资评价中的应用[J].西安石油大学学报(社会科学版),2004,13(2):26-29. |
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| 作者姓名： | 马风华 许华 |
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| 作者单位： | 青岛大学,经济学院,山东,青岛,266071 |
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| 摘 要： | 如何评价R&D项目投资已成为目前理论界关注的一个热点。对R&D项目投资的基本评价方法———贴现现金流法 (DCF)已越来越不能适应R&D项目管理的复杂性和不确定性 ,而实物期权方法以其能够灵活评价不确定性条件下的投资项目未来的增长机会的特点 ,受到越来越多的关注。借鉴了Geske提出的复合期权模型 ,将R&D项目看作一个复合期权 ,建立了R&D项目的投资评价模型
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| 关 键 词： | 复合期权 R＆D项目投资 投资评价模型 实物期权方法 |
| 文章编号： | 1008-5645(2004)02-0026-04 |
| 修稿时间： | 2003年6月19日 |
The Application of Compound Option to Investment Evaluation of R&D Projects |
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| MA Fenghua,XU Hua.The Application of Compound Option to Investment Evaluation of R&D Projects[J].Journal of Xi‘an Shiyou University:Social Science Edition,2004,13(2):26-29. |
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| Authors: | MA Fenghua XU Hua |
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| Abstract: | How to evaluate the investment in R&D projects has become a focus of attention in the circle of theoretical studies.As a basic method for the evaluation of R&D investment,Discount Cash Flow (DCF) has become more and more unadaptable to the complexity and uncertainty in the management of R&D projects.However,the application of real option to R&D investment has received more and more attention as this method can be used to made a flexible evaluation on the future growth of invested projects under the conditions of uncertainty.With reference to the compound option model proposed by Geske,a model of evaluating the investment in R&D projects is established by treating R&D projects as compound options. |
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| Keywords: | R&D compound option evaluation |
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