Research And Implementation Of Ventuer Capital Pricing Model Based On Backward Stochastic Differential Equation

Under the macro-environment of the entering WTO of China, economic integration of wide world and the arrival of knowledge economy, the development of new high-technique enterprises has become the new point of economic growth in our country. Developping new high-technique industries has the important strategic status, and it is the necessary demand of economic growth. Venture capital has the function of catalysis and support to translate technological achievements into practical productivity and it promotes the development of new high-technique industries, so, venture capital becomes a effective and domiant capital form in the new economic times. There are many important problems to be discussed in the present field of venture capital and the evaluation and decision-making study to the projects of venture capital are important contents. The efficiency of decision activities in the venture capital companies which are the central content and has the specific essentiality will influence the interest of investor and decide ultimately if the investment companies can develop successfully. To study the micro-field of venture capital is in favor of reducing risks and developping healthily in the course of venture capital.Because computer is the obvious advantage in date store and processing, it has been broadly applied at venture capital field for example stock, option. However, in venture capital management process, the mature software product still sees not much, particularly in the domestic, during evaluation and decision of the venture capital, haven't discovered now mature application software. This thesis regard real option theories as foundation, use backward stochastic differential equation as model, deduce the compound option pricing model, discuss its algorithm and give the calculation formula of numerical solution. After analyzing venture capital characteristic we discover venture capital not only has the characteristic of the common investment, but also has obviously compound option character.In the compound option pricing model foundation, The pricing model of venture capital is put forward. By the method of software engineering, the algorithm of the venture capital pricing model is analyzed and the application program of venture capital pricing is completed.