在分析比较风险投资的期权特征和传统投资决策方法的缺陷基础上 ,笔者引入二项式期权定价模型 ,并根据风险投资行为的一般模式做出适当的调整 ,形成了一个修正的风险投资多期二项式期权定价模型。从风险投资者的角度科学地评价投资行为 ,以期对风险投资决策具有一定的实践指导意义。 Based on the analysis of the characteristics of the options of venture capital and the disadvantages of traditional investment decision methods, the author introduces the binomial option pricing model and makes appropriate adjustments according to the general pattern of venture capital investment, forming a modified multi-period Binomial Option Pricing Model. Evaluate the investment behavior scientifically from the perspective of the venture capitalist, in the hope of giving some practical guidance to the venture capital decision-making.