【作者】 王双正； 陈立文； 杨艳芳；

【Author】 Wang Shuang-zheng,Chen Li-wen,Yang Yan-fang (School of Management,Hebei University of Technology,Tianjin,300130)

【机构】 河北工业大学管理学院；

【摘要】 本文在结合高新技术风险投资特点的基础上,分析了传统净现值法的缺陷与不足,由此引入期权定价理论(OPT), 对B—S模型和二项式期权定价模型做了简单介绍,并详细阐述了期权定价理论在高新技术风险投资中的应用,为高新技术风险投资评估、决策、激励与约束、降低投资风险等提供了新的思路和量化工具。更多还原

【Abstract】 On the basis of taking account of the feature of high—tech venture capital,the paper analyzes the shortcomings of the traditional net present value method(NPV).Thus.Option Pricing Theory(OPT)was used to cite and then B—S model as well as thebinominal option pricing model were introduced.Finally,it expounds the wide application of Option Pricing Theory(OPT)tohigh—tech venture capital,which provides a new approach and quantitative tool of hish—tech venture capital for the assessment,decision,incentive and restraint,reducing the risks of investment,and so on.更多还原