分阶段投资的币斗技项目评价

Evaluation on Scientific and Technological Projects by Phrasal Investments

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)

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.