摘要
高科技企业高度不确定性的特征决定其本身具有潜在的期权价值,所以,传统的评估方法难以客观地评估出高科技公司内在价值。针对高科技公司高度不确定性的特征,引入Schwarz的连续型实物期权模型,在对模型进行离散化处理后,利用蒙特卡洛模拟对中国软件开发板块的高科技上市公司进行价值评估,并由此对整个软件开发板块的高科技上市公司价值评估进行的实证。研究发现,实物期权模型能较好地对高科技企业进行价值评估。
The high uncertainty of the high-tech companies determines that it has a potential value in the form of option. But traditional methods for value assessment can＇ t assess the intemal value of the high-tech companies. Introducing and discretizing the Schwarz continuous-time real option model, this paper has assessed the value of China software companies in list by applying Monte Carlo simulation. It is concluded that real option model works well in the evaluation of high - tech companies.
出处
《财经理论与实践》
CSSCI
北大核心
2009年第1期41-45,共5页
The Theory and Practice of Finance and Economics
基金
湖南省自然科学基金(07jj6150)
