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鉴于现有的项目价值评估模型都以总体价值作为评估对象,它们不适合于以可转换证券为主要投资工具的风险投资项目的投资价值评估,建立了一个以可转换债券为投资工具的、考虑了利率动态变化影响的两状态变量风险投资项目的投资价值评估模型,并利用币值转换和时间转换方法对所建模型进行了求解.比较静态分析结果表明:风险投资项目的投资价值随着创业企业价值的波动率的增大呈现先减小后增大的特点;利率的波动率对投资价值的影响与投资期限有关;投资价值随着转换比例、利率与创业企业价值的瞬时相关系数和投资期限的增大而增大.
In view of the fact that the existing project value evaluation models are evaluated by the overall value, they are not suitable for the evaluation of the investment value of venture capital projects that use convertible securities as their main investment instrument. They have established a convertible bond as an investment tool to consider The model of the investment value of the two-state variable venture capital project which is influenced by the dynamic change of the interest rate is established, and the model is solved by using the currency conversion and the time conversion method.The comparative static analysis shows that the investment value of the venture capital project increases with the start-up enterprise The volatility of the value increases first and then decreases; the impact of the volatility of the interest rate on the investment value is related to the investment term; the investment value depends on the conversion ratio, the instantaneous correlation coefficient between the interest rate and the value of the start-up enterprise and the investment term Increase and increase.