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当投资者考虑是否要对一个 R&D项目进行投资的时候 ,投资者不仅要考虑项目的技术风险 ,而且要考虑这个 R&D项目的期权性价值 .本文在对 R&D项目的期权性特征分析的基础上 ,引入由 Morris,Teisberg and Kolbe建立的 R&D项目的期权性价值计算模型 .针对这个模型在期权性价值计算应用中的不足之处 ,笔者提出对 R&D项目的期权性价值分析应该遵循循环分析和定量、定性分析相结合的观点 .
When investors consider whether to invest in an R & D project, investors should not only consider the technical risk of the project, but also consider the option value of the R & D project.Based on the analysis of the option characteristics of R & D projects, This paper introduces the option value calculation model of R & D project established by Morris, Teisberg and Kolbe.According to the shortcomings of this model in the application of option value calculation, the author proposes that the option value analysis of R & D project should follow the cycle analysis and quantification, Qualitative analysis of a combination of point of view.