摘要
从传统NPV方法在评估高科技企业初创期投资项目评价中的弱势出发,引入实物期权评价法,并针对波动率在估计过程中的误差问题进行敏感性分析,得出战略NPV值随波动率变化的趋势,为高科技企业初创期投资决策提供了一种可行的思路和方法。
According to the weakness of traditional NPV method in the investment decision-making of hi-tech star-ups, we introduce real option method, and because of the error of estimating Std deviation （cr）, we caryy out sensitivity analyzing, and find the trend of strategy-NPV along with Std deviation, providing an idea and method which is applicable in the investment deci- sion-making of hi-tech start-ups.
出处
《科技进步与对策》
CSSCI
北大核心
2007年第5期107-109,共3页
Science & Technology Progress and Policy
关键词
实物期权
高科技企业
投资决策
敏感性
real option
hi-tech company
investment decision-making
sensitivity
