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风险投资决策具有高风险性、不确定性、不可逆性和时间性的四个特点,传统的NPV方法在处理这类投资问题时存在着缺陷,在研究分析风险投资机会价值的期权特性,引入实物期权理论,利用B-S期权定价模型来评估风险投资项目投资的时机选择权的价值,从而有效克服了传统的NPV的缺陷,增加了风险项目投资决策的合理性和科学性。
Venture capital investment decision-making has the four characteristics of high risk, uncertainty, irreversibility and timeliness. The traditional NPV method has some shortcomings in dealing with such investment problems. After studying and analyzing the option characteristics of the venture capital opportunity value, Option theory, the option pricing model of BS is used to evaluate the value of the timing option of venture capital project investment, so as to effectively overcome the shortcomings of traditional NPV and increase the rationality and scientificity of investment decision of risk project.