文档介绍：南京航空航天大学
硕士学位论文
基于实物期权的高新技术企业价值评估—模型改进
姓名:高世原
申请学位级别:硕士
专业:技术经济及管理
指导教师:彭灿
20081201
南京航空航天大学硕士学位论文
摘要
本文旨在研究实物期权理论与方法在高新技术企业投资价值评价中的应用。论文在对实物
期权法的演进进行回顾和分析的基础上,详细阐述了笔者对已有模型的改进思路与方式,从而
得到了适用于高新技术企业投资价值评估的实物期权模型。
本文首先从实物期权投资价值评价方法出发,详细阐述了现有的实物期权价值评价方法,
并指出其适用范围以及局限性。其次,论证了高新技术企业投资价值中包含的期权价值,讨论
了实物期权评价方法在高新技术企业价值评价中应用的优越性,并且提出了高新技术企业投资
与其所处环境的双驱动机理,构建了环境影响因素分析。根据高新技术投资的特点,说明了高
新技术企业投资所具有的不确定性和模糊性,并且将模糊数学与实物期权方法结合起来进行应
用研究,在现有实物期权评价模型的基础上,根据高新技术投资的实际特点,对模型进行了改
进,使其更加适用于高新技术企业投资价值的评价。最后,选取案例对改进的模型进行检验,
并与传统实物期权模型计算出的价值作比较分析。应用实例的结果表明,本文所建立的改进型
实物期权模型对高新技术企业投资价值评价有较高的实用价值。

关键词:实物期权,高新技术,模糊数,灰色测评,双驱动机理,价值评价

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南京航空航天大学硕士学位论文
ABSTRACT
This article researched the value assessment method of the investment of high technology
enterprise based on the Real options theory .studied the evolution of real options models, elaborated
the mentality in detail to improve the real options model, so that it can suitable for the valuation of
high technology investment.
Firstly, the article expounded the real options value assessment method existed, and pointed out
the scopes as well as their limitation. Secondly, we proved that it contained the value of real option
when we invested on new technology, discussed the superiority of the real options value appraisal in
the high technology investment, and proposed the double expulsion mechanism of high technology
and its environment, constructed the analysis in the value appraisal about the influencing factors.
According to the characteristic of high technology investment, this article showed that invested in
high technology has many uncertainty and fuzziness, so we can joined the fuzzy mathematics and the
real options method together to carries on the value appraisal in high technology investment. Based on
the existing real options evaluation models, we improved it to made it even more suitable for the
characteristic of high technolog