| 期权定价理论在风险投资决策中的应用 |
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| 引用本文： | 张子刚,卢丽娟,吴其伦.期权定价理论在风险投资决策中的应用[J].华中科技大学学报(自然科学版),2002,30(8):91-93. |
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| 作者姓名： | 张子刚 卢丽娟 吴其伦 |
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| 作者单位： | 华中科技大学管理学院 |
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| 基金项目： | 国家自然科学基金资助项目 ( 70 0 71 0 1 1 ) |
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| 摘 要： | 研究了风险投资方案的构造与评估方法，将投资方式灵活，分两阶段的投资视为欧式复合期权，引入实物期权定价理论，并用二叉树模型演示其价值评估过程，交传统的净现值法用于评估投资方式固定，不含期权的投资方案的价值，研究表明，在不确定性因素较大的环境中，含有期权的投资方案更有益于控制风险，因此，实物期权定价理论更适于进行风险投资决策。
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| 关 键 词： | 实物期权 风险投资 决策 期权定价 NPV |
| 文章编号： | 1671-4512(2002)08-0091-03 |
| 修稿时间： | 2002年2月25日 |
Application of option theory in the venture investment decision |
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| Zhang Zigang Lu Lijuan Wu Qilun Prof., College of Management,Huazhong Univ. of Sci. & Tech.,Wuhan ,China.Application of option theory in the venture investment decision[J].JOURNAL OF HUAZHONG UNIVERSITY OF SCIENCE AND TECHNOLOGY.NATURE SCIENCE,2002,30(8):91-93. |
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| Authors: | Zhang Zigang Lu Lijuan Wu Qilun Prof College of Management Huazhong Univ of Sci & Tech Wuhan China |
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| Institution: | Zhang Zigang Lu Lijuan Wu Qilun Prof., College of Management,Huazhong Univ. of Sci. & Tech.,Wuhan 430074,China |
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| Abstract: | Option-pricing theory was used to estimate the two-stage flexible investment plan considered as compound European option. The traditional NPV approach was used estimate the inflexible investment plan. An example given and proved that the investment plans including options is better under uncertainty. It is conduced that option-pricing theory is more suitable for the decision of venture investment. |
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| Keywords: | real optons venture unrestment deasion option prioing NPV |
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