【摘要】 R&D投资活动的价值评估 ,传统的DCF方法并不能适应其需要 ,而必须引进金融期权定价理论 (OPT) ,这一点在国内外学术界已得到公认。然而R&D投资活动与金融期权又有一定的差异 ,主要表现在前者是通过两个过程来实现其价值的 ,即创造期权的过程和享有期权的过程 ,而金融期权定价理论仅考虑期权的享有过程。本文从R&D投资价值的这两个方面入手 ,分别讨论了R&D投资期权享有过程中Luehrman提出的期权定价的直观查表方法及其期权创造过程中R&D活动对于Black -Scholes公式的各个变量的修正及综合评估方法 ,最后给出了一个R&D投资期权与金融期权的类比框架模型。更多还原

【Abstract】 It’s commonly recognized that the traditional DCF system can not properly deal with the valuation of R&D project investments, and financial option pricing theory(OPT) must be introduced. But a R&D project investment has some differences from a financial option investment, the main characteristics is that the former must go through two processes to gain its value, i. e. The process of creating an option which has much higher uncertainties and the process of enjoying the opting. A financial option investment just goes through the second process. This article started with a simple review of the two processes of R&D project investment, then analysed the valuation in the two processes, discussed Luehrman’s convenient way to look up the option value from a twoo-dimensional table during the option creating process, proposed a method for adjusting the variables in the Black-Scholes’s equation. Finally put forward a frame for mapping an imestment opportunities from R&D oto a stock call option.更多还原