Valuation Model of Intellectual Capital Based on Real Option

摘要：

This paper set up a valuation model of Intellectual Capital(IC) based on both the stochastic nature of expected income of IC and Irreversibility of IC. We find that: 1.Option value of IC is an increasing function of price of IC when σ is constant. Both σ and P are the factors of ICs value; 2. Similar to financial option, F (P) is an increasing function of price of IC when δ is constant. F(P) is an increasing function of 8 when price of IC is constant; 3.The value of IC is an decreasing function of δ.

关键词： Intellectual capital Real option Irreversibility Program

作者: LI Guanzhong LIU Zhiyuan

作者单位: School of Business,Tianjin Polytechnic University,Tianjin,China,300387 School of Business,Nankai University,Tianjin,China,300071

会议类型: 国际会议

会议名称: 2009 International Conference on Management Science and Engineering(2009管理科学与工程国际会议)

会议地点: 北京

会议语种:英文

页码: 737-742

在线出版日期: 2009-11-01（万方平台首次上网日期，不代表论文的发表时间）