【作者】 马爱英；

【导师】 陈敬武；

【作者基本信息】 河北工业大学 ， 技术经济及管理， 2005， 硕士

【摘要】 在科学技术飞速发展,科技引领经济的新时代,风险投资活动越来越多。风险投资是一种高风险的投资,在其运作过程中存在着高度的信息不对称。风险投资家能否根据有限的信息,动态地评估风险投资项目,并做出相应的投资决策,将直接关系到风险资本运作的成败。 实物期权理论是金融期权理论在实物领域的延伸与发展,它不仅大大丰富了期权理论的内涵,而且为企业和个人的投资决策提供了全新的分析和分析方法。 本文对传统的风险投资决策方法进行研究总结,得出传统的投资决策方法并不适用于风险投资的决策结论。然后,寻找到一种适合于风险投资的决策方法,即实物期权方法,并把实物期权的理论方法引入风险投资的决策评价之中,根据风险投资项目的高风险、高收益性以及分阶段资金注入的特点,首先证明了风险投资的实物期权特征,阐明了实物期权理论对风险投资决策评价的适用性。然后利用实物期权理论建立了风险投资决策评价模型,并详细阐述了模型中各参数对投资决策的影响。最后,提出了实物期权方法在应用中存在的问题及建议。 本文的研究工作将有助于改进风险投资决策评价手段和评价方法,完善风险投资项目投资规范和方法体系,从而使风险投资公司和风险企业能够准确地评价风险投资项目投资的价值和风险,提高风险投资决策的效率。更多还原

【Abstract】 As the development of technology, under the new times of which economy is being led by high-tech knowledge, more and more venture capitals have appeared. Venture capital is a kind of high risk investment, which exists extremely dissymmetry during its process of operation. Therefore, whether venture investors can evaluate any project dynamically and make relevant investment decision according to limited information will be crucial to the success of venture capital operation.Practical operation theory is the extension of financial option in the practical field;it has not only enriched the connotation of original option theory, but also provided completely new way of analysis for enterprises and individuals.After studying and summarizing traditional ways of venture capitals, this paper will conclude that traditional investment methods are unsuitable for modern venture capitals. Then, the author will find out a befitting way - practical operation theory, and introduce it into the evaluation of venture investment decision according to its characteristics such as high risk, high benefit and immix capital by stages. The author firstly expatiates the characteristics of practical operation, and proves the applicability of practical operation theory towards venture capital. Then the paper will establish a model of venture investment evaluation, and expatiate the probable impacts result from all the parameter in this model. Finally, this paper discusses the probable problems during the application of practical operation theory and how to resolve it.The objective of this paper is to help venture capital companies and relevant enterprises to evaluate the real value of any venture investment project more veracious, and enhance the efficiency of venture capital operation in future.更多还原