| 基于复合实物期权的高科技企业价值评估方法 |
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| 引用本文： | 兆文军,徐冬冬. 基于复合实物期权的高科技企业价值评估方法[J]. 大连理工大学学报(社会科学版), 2007, 28(2): 50-54 |
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| 作者姓名： | 兆文军 徐冬冬 |
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| 作者单位： | 大连理工大学,经济系,辽宁,大连,116024;大连理工大学,经济系,辽宁,大连,116024 |
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| 摘 要： | 从投资者角度出发,根据高科技企业的特点,把高科技企业整体看成一个含有复合实物期权的风险投资项目,应用Geske复合期权定价模型,建立了高科技企业价值的复合实物期权评估方法.在计算期权标的资产的当前价值时,用企业的经济增加值(EVA)的现值取代了项目现金流的现值,提高了估值的准确性.用上市公司数据验证了该评估方法的有效性.
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| 关 键 词： | 实物期权 价值评估 高科技企业 |
| 文章编号： | 1008-407X(2007)02-0050-05 |
| 修稿时间： | 2007-04-26 |
High-tech enterprise evaluation method on the basis of multiple real options |
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| ZHAO Wen-jun,XU Dong-dong. High-tech enterprise evaluation method on the basis of multiple real options[J]. Journal of Dalian University of Technology(Social Sciences), 2007, 28(2): 50-54 |
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| Authors: | ZHAO Wen-jun XU Dong-dong |
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| Abstract: | According to its characteristics,investors can evaluate high-tech enterprise as a risk investment project which contains multiple real options,and design the evaluation method based on Geske model.When the present value of underlying asset is accounted,the present value of the enterprise's EVA replaces that of the cash flow,consequently overcoming the disadvantage of discount cash flow,advancing the veracity and maneuverability of evaluation.In order to prove its validity,the authors apply the method to the listed company. |
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| Keywords: | real options evaluation high-tech enterprise |
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