Research On The Application Of Real Option In The Venture Investment Project

In sep. 2009, start a business version finally appears in Shenzhen stock exchange market. The traditional method of the risk business enterprise in our country is just gradually perfect, but the evaluation, which is value of the risk business enterprise, is still not perfect. Because the traditional item evaluation was born blemish in risk make policy, affecting development of my risk invest.The theory of real option is rose in 20th centuries, what is a method thatevaluated the item. It overcame the blemish of traditional evaluation methodbiggest, particularly at aspect of the venture investment; it can with indetermination value of right evaluation. The real option is concerned by the decision maker of risk, and became more and more important to them. This text main usage theories analysis, the substantial evidence research and a way for study of case, whole aspect of, analyzed the real option meticulously in risk invest of application. Include: the theories and the list price method of the overall introduction real option, the traditional risk investment evaluates method and its blemish, the real option is in risk invest the decision evaluation of advantage, the real option category contain in the venture investment, the real option is in risk invest item of applied general process and frame,By an analytical method of case detailed introduction real option method to invest the application in the item in the risk finally. By the analysis of pass this text, we get that in risk invest the evaluation process of the item, the traditional investment decision method is existed the blemishPass the substantial evidence research detection, the item of the listed company evaluates the process currently, almost all what to use is a traditional investment to evaluate the method, neglecting the value of the risk. In venture investment decision process, the real option method can make up the blemish of the tradition decision method. It can measure the value of the risk of the item stroke。This text usage real option method carries on the evaluation to the investment item, and built up a frame. This frame sets out from the characteristic of the item, detailed introduced the method how look for and thelist price the option in the item, and have the leading meaning towards evaluating the general investment item.And in the end, the text got the conclusion that the traditional NPV method underrated the value of the item seriously by an analysis. And there is ademonstration function to evaluation the item by the real option.