The Multi-phases Continuous Decision-making Model on Venture Capital Investment based on Binomial Mode of Real Options

摘要：

Investment projects are subject to uncertainty about their future rewards. This makes the expenditure and income on investment projects fluctuate randomly. In order to win approving profits, rational and flexible decision should be made. However, the conventional Net Present Value (NPV) could not adapt the dynamic environment in reality. Established on accepting the conclusion that Real Options can lead to a more appropriate investments evaluation and optima l timing by considering the flexible, dynamic and uncertain factors in investment projects, this paper constructs a mult i-phases continuous decision-making model on venture capital investment based on Binomial Model of Real Options.

关键词： multi-phases continuous decision-making model venture capital investment binomial mode of real options

作者: Zhang Suodi Hou Jue

作者单位: School of Management Science and Engineering, Shanxi University of Finance and Economics, Taiyuan, P.R.China, 030006

会议类型: 国际会议

会议名称: 4th International Conference on Productinnovation Management(第四届产品创新管理国际会议)

会议地点: 武汉

会议语种:英文

页码: 1151-1156

在线出版日期: 2009-08-22（万方平台首次上网日期，不代表论文的发表时间）