扩张期风险企业实物期权估价方法研究

以扩张期风险企业为研究对象，提出了企业无形资产的实物期权估价方法，首先分析了无形资产的实物期权特征，然后将扩张期风险企业所面临的主要风险用产品销量的不确定性集中表征出来，并据此建立企业预期收益的随机过程，进而动态复制得到无形资产的估价模型，最后给出输入变量的近似计算方法，研究结果对解决不确定情况下的价值评估问题具有一定参考价值。

Evaluation of ventures during profitable expansion period: a real option approach

This paper puts forward a real option approach to evaluate intangible assets of ventures during profitable expansion period. The real option features of intangible assets are analyzed first, and then, based on the volatility of products sales that embodies major risk confronting such firms, an evaluation model is set up to describe the stochastic process of expected profits after dynamic tracking. Finally the approximate methods used for calculating input variables are brought forward. The results of this real option approach are very helpful to handling evaluation problems in uncertain circumstances.