Study On Compound Of Real-Option In Multi-Stage Venture Capital Decision

Risk investment as a kind of high-risk and high-yield investment, its for the countries, enterprises and investors is very important, can improve the competitiveness of the national economy,and promote the sustainable development of the enterprise. However, there is uncertainty in the process of its operation, investment irreversibility and the periodic characteristics, in the entire process of investment, facing the greater risk, and the traditional investment decision method in the project investment value analysis, tend to ignore the value of this flexibility, and then make the wrong investment decisions, so high failure rate of risk investment. Therefore, investors need to stand in the Angle of the objective rational, give full consideration to risk much stage and the flexibility value of the project, and then discusses a more effective risk investment project decision method, with full and accurate assessment of the investment value of the project, provide powerful basis for decision.Compound real options method can fully explore implied in the process of multi-stage decision of venture capital management flexibility value and strategic flexibility value, stand in the perspective of venture investors, around the compound real option value assessment methods in the study of the application of risk decision. Based on the fully expounds the connotation of the risk investment, the investment characteristics, decision-making method, and the compound real option method based on the related theory, analyses the risk investment and compound real option method of many stages, put forward the multistage compound real option method in the risk investment decision of applicability and rationality. Combined with the related theory of compound real option, and referring to the real option value evaluation model of classic, the article constructs the calculated risk investment project option value of compound real option value evaluation model. In order to validate the rationality of the model and practical, biomedicine project research and development, for example, aiming at the deficiency of traditional investment decision-making method, using the compound real option value evaluation model building, the compound real option method under the true value of the project risk, and then make the right investment decisions. Through compound real options method in biomedical application of project investment decision-making, further solve the traditional investment decision-making method cannot accurately assess the value of the multi-stage venture investment projects, to a certain extent, make up for the deficiency of the traditional net present value of the value assessment methods, to improve project risk evaluation system has important theoretical significance, on the other hand, the use of flexible management to promote the venture investors and phased investment decision-making way. improve the success rate of decision-making has important practical significance.