论风险投资中的风险企业价值评估--一种基于多阶段复合实物期权的分析

风险企业价值评估是进行风险资本运作的基础，传统的价值评估方法已经难以全面评估风险企业的价值，无法满足风险投资的要求。而近年来实物期权理论的发展和完善为我们评估、发现和提升风险企业价值提供了一种全新的方法。本文将基于风险企业的高风险和多阶段特点，运用实物期权理论的方法，构建风险企业价值评估的多阶段复合实物期权模型，希望该评价模型有助于我国风险投资的实际运作。

Evaluating the venture-backed enterprise-a multi-stage compound real options approach

How to evaluate the venture-backed enterprise is the base of venture capital. The conventional way has not been able to evaluate the venture-backed enterprise's value accurately. Thus the real options theory, a new way to pricing the enterprise, comes to our eyes. On the basis of the high risk and multi-stage of the venture-backed enterprise, this paper uses the real option theory to establish a multi-stage compound real options model.