摘要
风险投资项目面临着很大的不确定性,包括市场性的和非市场性的,在以往的文献中大多都针对市场性的不确定性进行研究,文章研究了非市场性的不确定性对风险项目投资时机的影响。文章首先通过构造突发事件对风险项目影响的模型,并进行了推理,最后用数值分析的方法对其进行了模拟,结果表明:在同等情况下,突发事件对风险项目收入流影响越大,其投资的时机也就越晚;突发性事件发生的频率越大,其要求的投资时机也是越晚。
Venture capital projects are faced with great uncertainties, including market and non - market in nature, in the past most of the literature are studied about the uncertainty of market, this paper studied the uncertainty of non - market how to impact the investment timing of the Venture capital projects. In this paper, the model of the unexpected events impacting the Venture capital projects is presented, and a reasoning, the final numerical analysis of their simulation results show that： in the same circumstances, the unexpected events on the impact of the income stream of the project the greater, the timing of investment will be the later, the greater of the incident frequency, the timing of its investment is also required the later
出处
《华东经济管理》
CSSCI
2011年第1期109-111,共3页
East China Economic Management
基金
国家社会科学基金08BJY154
教育部新世纪人才NCET-07-0905
关键词
突发事件
风险投资
投资时机
实物期权
the unexpected events
venture capital
timing of investment
real options
