摘要
在实物期权分析理论的框架下 ,开发了更一般的评价高科技公司的模型 .利用随机动态规划和实物期权理论 ,本文得到了高科技公司价值所满足的偏微分方程 .在特殊情况下 ,给出了解析解 ,并分析参数对高科技价值的影响 ,最后 ,给出一个实例来说明本文的结论 .
A general model for valuing high science and technology companies is formulated and analyzed within real option analysis theoretic framework. Using stochastic dynamic programming and real-options theory, the paper will obtain that it satisfies the partially differentiate equation for the value of high science and technology companies. In special case, the paper gives a close form solution, and analyze the influence of the parameters. Finally, present an applied example.
出处
《经济数学》
2002年第4期1-7,共7页
Journal of Quantitative Economics
基金
The work is supported by National Science Foundation of China(70 0 71 0 1 2 )
