CAJ | 학술논문

科技项目是一个随着时间推移不断积累的过程，一般来说，为了规避投资风险，投资者往往分阶段进行投资，比如分为初期实验、中试期和投产期等，每一阶段都隐含多种期权，各个期权之间的价值往往是相互作用的，故应视为复合期权。本文在分析科技项目多阶段性和其所隐含的实物期权价值基础上，建立了基于复合期权模型的分阶段科技项目评价方法。
과기항목시일개수착시간추이불단적루적과정，일반래설，위료규피투자풍험，투자자왕왕분계단진행투자，비여분위초기실험、중시기화투산기등，매일계단도은함다충기권，각개기권지간적개치왕왕시상호작용적，고응시위복합기권。본문재분석과기항목다계단성화기소은함적실물기권개치기출상，건립료기우복합기권모형적분계단과기항목평개방법。
Any scientific and technological project is a continuous accumulation process with the time going. In general, in order to avoid investment risks, investors tend to make investment stage-by-stage including early experimental period, trial period, production period, etc. Each stage involves a variety of options, all of which are often interacted with each other. Thus, it should be regarded as complex options. Based on the analysis of multi-stages in scientific and technological projects and their implied value of real options, a method is built in this paper to evaluate scientific and technological projects by phrasal investments based on complex option model.