摘要
新药研发投资存在着巨大的不确定性,而实物期权法则是近年来发展起来的研究不确定性和投资风险的一种评估工具。本文运用这一最新技术对新药研发领域中的专利技术和新药研发实例进行了投资价值评估,并与传统的净现值法结果进行比较。研究分析表明,实物期权法能够更好地解决新药研发的不确定性,能对新药研发的风险价值进行更准确的评估。
New drug RD has a great many uncertainties,and the real options are the evaluation tool developed to deal with the uncertainties and investment venture in recent years.It was used to evaluate the real options that invest the value of developing the patent technology and new drug,and to be compared with the result of traditional methods of the net present value（NPV）.Through analyzing,the real options could invest the uncertainties better,and evaluate the venture of the new drug RD more exactly.
出处
《中国新药杂志》
CAS
CSCD
北大核心
2011年第1期10-13,共4页
Chinese Journal of New Drugs
关键词
实物期权
二叉树模型
净现值法
real options
binomial tree model
net present value（NPV）
