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R&D投资活动的价值评估 ,传统的DCF方法并不能适应其需要 ,而必须引进金融期权定价理论 (OPT) ,这一点在国内外学术界已得到公认。然而R&D投资活动与金融期权又有一定的差异 ,主要表现在前者是通过两个过程来实现其价值的 ,即创造期权的过程和享有期权的过程 ,而金融期权定价理论仅考虑期权的享有过程。本文从R&D投资价值的这两个方面入手 ,分别讨论了R&D投资期权享有过程中Luehrman提出的期权定价的直观查表方法及其期权创造过程中R&D活动对于Black -Scholes公式的各个变量的修正及综合评估方法 ,最后给出了一个R&D投资期权与金融期权的类比框架模型。
The valuation of R & D investment activities, the traditional DCF method can not meet its needs, but must introduce the financial option pricing theory (OPT), which has been recognized academics at home and abroad. However, R & D investment activities and financial options have some differences, mainly in the former through two processes to achieve its value, that is, the process of creating options and options to enjoy the process, and financial options pricing theory only considers the enjoyment of the process of options . This paper starts from the two aspects of the R & D investment value, and discusses respectively the LFT method proposed by Luehrman and the amendment of R & D activities to the various variables of Black-Scholes formula during the process of option creation Finally, an analogy framework model of R & D investment option and financial option is given.