期权理论在高新技术创业企业评估中的应用

Abstract

高新技术创业企业评估的主要资产是专利权 ,专利权是一种灵活的选择权 ,它给企业以一种类似期权的权力 ,即可以选择有利的市场时机投入资金开发该专利 ,当企业进行了不可逆投资后 ,企业就相当于执行了期权。鉴于专利权与期权都是一种不附带义务的选择权 ,期权定价理论就为高新技术创业企业的价值评估提供了理论基础。本文对期权理论在高新技术创业企业评估中的应用进行了探讨。

The major asset to be assessed in new high-tech ventures is patent right. As a flexible option, patent right gives the venture a kind of options right, i.e. the venture can choose to develop the patent product at favorable market situations. The venture executes options once it has made investment. Options pricing theory has offered theoretical basis for the valuation of new high-tech ventures since both patent right and options are options without any complementary obligations. This paper studies the application of options theory in the new high-tech venture valuation.