王战果 李岱松 黎朝晖.分阶段投资的币斗技项目评价[J].北京工商大学社科版,2008,23(6):54-57 |
分阶段投资的币斗技项目评价 |
Evaluation on Scientific and Technological Projects by Phrasal Investments |
投稿时间:2008-09-10 |
DOI: |
中文关键词: 分阶段投资 科技项目 复合期权 评价 |
英文关键词:open-end fund liquidity Value at Risk(VaR) |
基金项目:北京市自然科学基金资助项目(资助编号:9082003) |
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中文摘要: |
科技项目是一个随着时间推移不断积累的过程,一般来说,为了规避投资风险,投资者往往分阶段进行投资,比如分为初期实验、中试期和投产期等,每一阶段都隐含多种期权,各个期权之间的价值往往是相互作用的,故应视为复合期权。本文在分析科技项目多阶段性和其所隐含的实物期权价值基础上,建立了基于复合期权模型的分阶段科技项目评价方法。 |
英文摘要: |
Any scientific and technological project is a continuous accumulation process with the time going.In general,in order to avoid investment risks,investors tend to make investment stage-by-stage including early experimental period,trial peri- od,production period,etc.Each stage involves a variety of" options,all of which are often interacted with each other.Thus.it shouhl be regarded as complex options.Based on the analysis of muhi-stages in scientific and technological projects and their implied value of real options,a method is buih in this paper to evaluate scientific and technological projects by phrasal invest- ments based on complex option model. |
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