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On the Appraisal of High-Tech Projects: A Real Options Approach

Li Hong-jiang, Qu Xiao-fei (School of Managment, Dalian University of Technology, Dalian 116024, China)  
Based on real options thinking, this paper proposes an approach for the appraisal of hi-tech projects when option-pricing models are employed. Then an appraisal model for relative value is set up to reduce the computation involved, thus enabling the real options thinking to be combined into the appraisal easily. By analyses of concrete cases, we can see that this approach is able to reflect both of the two-hi features of Hi-Tech projects and the flexibility value of decision-making that can handle risks. Also we can see it is capable of solving the problem of under-estimation which easily occurs when traditional methods are employed.
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