Studies On The Evaluation Of The Venture Capital Project

II Value assessment is one of channel to open out investment risk in venture capital .How to carry on valuation is a system engineering, this paper detect options in venture capital by real option thinking and method, in order to improve venture capital evaluation method.According to the characteristics of venture capital and real option pricing theories , commence from the category of real option, discuss the real option factor in venture capital and implicit option in the process , pointed out the process of real option valuation.The main contributions of this paper is firstly discussing the application realm ,evaluation process and model of real option evaluation method.Secondly,the parameter of traditional real option evaluation method is revised .the Monte Carlo simulation has been used to solve the option by simulating the random diffusion procedure of the risk assets ,and to solve the income current value and fluctuating rate after 1000 times of simulation .A year period lending rate is used for no-risk guerdon rate in place of national debt interest rate in order to match actual circumstance.Thirdly, this paper measures the value brought by the multi-period investment .we defined the deferred effect and risk effect to make management flexibility calculable ,and to lead multi-period investment to reduce the entrust-act risk.Fourthly, by sensitivity analysis of no-risk guerdon rate ,income fluctuating rate and the time of coming into the market ,the important factor is found out to be reference of venture capital valuation and management.Finally, a case analysis is given to carry on further introduction and validation to real option valuation method.