【作者】 田增瑞； 司春林；

【Author】 Tian Zengrui, Si Chunlin, (School of Management. Fudan University,Shanghai 200433)

【机构】 复旦大学管理学院；

【摘要】 创业企业兼有实物期权与金融期权的双重特征,仅仅单一研究实物期权或金融期权不足于认识创业企业所具有的期权性质及其管理价值。本文从创业期权的特性与管理价值着手,探讨创业实物期权与金融期权的关系,指出以期权思维指导创业企业投资决策及证券设计的管理价值,进而通过案例说明如何使用创业期权以最大化创业价值。更多还原

【Abstract】 Ventures have double characteristics of real option and financial option; The research of single real option or single financial option is short of knowing the option properties and its management value. This paper chooses a new logistic premise from the aspect of venture option nature and management value, discusses the connection of venture real option and venture fi-nancial option, and points forward the management value which option thought supervises venture invest decision-making and securities design. Furthermore, this paper studies cases that account for how use venture option maximum venture value.更多还原