【摘要】 在多阶段研发投资的情况下,研发的评价方法及其价值如何确定?实践表明目前应用最广泛的投资评价方法NPV法不适应对R&D投资的评估,利用实物期权方法来评价研发投资是现在研究的热点。本文根据实物期权理论建立精确的模型来计算协作研发的期权价值,并比较不同因素对柔性价值的影响。更多还原

【Abstract】 At more phases of R&D investment, how to decide R&D evaluating method and its value? Practice indicates that to use of net present value(NPV) analysis as the evaluation of R&D projects has aroused much doubts. The so called "real options" method has gained growing attention on application in the field of R&D. This paper calculates the cooperation R&D option value through establishing exact model based on "real option" theory and compares the factors’ different influence to flexible value.更多还原