【作者】 邓艳红；

【导师】 李容；

【作者基本信息】 西南农业大学 ， 农业经济管理， 2003， 硕士

【摘要】 知识经济的发展离不开风险投资发动机式的带动作用，风险投资运作的成功又离不开投资决策的规范化。实现风险投资决策理论的突破则是目前研究的热点和难点。 本文首先对风险投资的概念、组织架构、外部环境和面临的风险做了初步介绍后，又对投资决策内容做了分析，并归纳出了风险投资的决策特征。在对传统决策方法研究思路和决策方法本身进行研究后，得出传统决策方法并没有体现风险投资的决策特征，因而表现出一系列的重大缺陷的结论。接着，论文又介绍了期权和期权定价理论并提出了将实物期权看成是一种风险决策思想并将其用于风险投资决策过程的观点。实物期权的理论应用于风险投资决策过程，不仅克服了传统决策重视评估和筛选决策而忽视了交易设计决策和管理决策的战略重要性的缺点，而且还克服了其他决策方法所不能解决的代理风险问题。进一步，论文又给出了实物期权在风险投资决策中的应用框架，以及引入实物期权思想后的风险投资决策过程。同时，为了验证实物期权应用的效果，论文还构造了大量的，简化了的案例。最后，论文还指出了期权定价理论在实际应用中的不足，并对发展我国风险投资业提出了建议。更多还原

【Abstract】 Knowledge economy can not be developed without the help of venture capital as special "engine". The successful operation of venture capital can not be achieved without the normalization of investment decision. A growing focus has been on the decision theories but the breakthroughs of the theories are so difficult that have been stagnant for decades.This paper first introduces the concept, organization, environment and risk of the venture capital, and then the investment decision and deduces the character of the decision. This paper also identifies the research mindset and intrinsic drawbacks embedded in the traditional decision method (NPV) when applied in the venture decision process. Further, the paper introduce options and OPT(option pricing theories) and suggest real options should be used as descision method.Then the option mindset appliec in the decision process can overcome not only the ignorance of deal design but also settle the agent risk which can not be resolved with traditional method. To make the real options method available, this paper also construct application framework. At the same time, to test the effect of the application of real options, simplified cases have been provided. At last, application limits of the real options and the policy of the venture capital development have also been provided.更多还原