CAJ | 학술논문

科技创业企业的价值是通过研究与开发、规模化生产、市场拓展、创业的经营管理、战略发展规划、资本市场上市等过程逐步动态体现的，为此，在对科技创业企业进行价值评估时，必须考虑风险投资对创业企业分阶段投资的行为特征，本文以实物期权理论为基础，结合科技创业企业及风险投资行为过程的特质，构建了基于科技创业企业的风险投资项目价值评估模型，希望能够对科技创业项目的风险投资价值评估提供有益的参考。
과기창업기업적개치시통과연구여개발、규모화생산、시장탁전、창업적경영관리、전략발전규화、자본시장상시등과정축보동태체현적，위차，재대과기창업기업진행개치평고시，필수고필풍험투자대창업기업분계단투자적행위특정，본문이실물기권이론위기출，결합과기창업기업급풍험투자행위과정적특질，구건료기우과기창업기업적풍험투자항목개치평고모형，희망능구대과기창업항목적풍험투자개치평고제공유익적삼고。
The value of technological company is step by step dynamically reflected by the progress of R＆D, scale production, market development, operation and management of the venture, strategic development plan and the hsting on capital market and so on. Therefore, when assessing the value of technological company, you should consider the behavior characteristic that venture investment affects on the stage investment of such company. This paper, based on theory of real option, combined with the characteristic of technological company and the progress of venture investment, creates the value - assessment model about the program of venture investment. At last, we hope that the paper can provide favorable references about the value assessment for the valuation of venture investment in technological projects.