Full-Text Search:
Home|Journal Papers|About CNKI|User Service|FAQ|Contact Us|中文
《Science Research Management》 2003-01
Add to Favorite Get Latest Update

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.
【CateGory Index】: F276.44
Download(CAJ format) Download(PDF format)
CAJViewer7.0 supports all the CNKI file formats; AdobeReader only supports the PDF format.
Chinese Journal Full-text Database 4 Hits
1 CHEN Ri-hua,WU Lei(1.School of Economics and Management,Tongji University,2.Galaxy Asset Management Co.Ltd.,Shanghai 200092,P.R.China);Research on the Valuation of High-tech Enterprises by Real Option Theory on Continuous-time Model[J];Journal of Guangdong University of Technology(Social Sciences Edition);2006-02
2 ;Discussion of the Real Options Approach in the Evaluation of the Strategic Return of State Research Projects[J];Science & Technology Progress and Policy;2006-03
3 ZHANG Jing-wen, XU Yu, CAI Guo-rong, ZHU Shao-ying (Management School, Xian Jiaotong University, Xian 710049, China);Comparative Study on Risk Assessing Methods of the High-tech Project Investment[J];R&D Management;2004-02
4 FANG De-ying~1,KOU Ji-song~2,LI Min-qiang~2 (1.Economics and Management School,Henan University of Science and Technology,Luoyang 471003,China; 2.School of Management,Tianjin University,Tianjin 300072,China); Risk Decision-making Approach to IT Projects Development Based on Real Options[J];;2004-02
Chinese Journal Full-text Database 10 Hits
1 SHAN Xiu-li1,SUN Qiu-bai2 (1.School of Higher Vocational Technology,University of Science and Technology Liaoning,Anshan 114051,China;2.President Office,University of Science and Technology Liaoning,Anshan 114051,China);Risk analysis and evaluation on investment in high-new-tech project[J];Journal of University of Science and Technology Liaoning;2008-05
2 Du Conghui~(1)) Cui Yongwei~(2)) Cui Yujie~(3))(1)Canvard Institute,Beijing Technology and Business University,101118,Beijing,China2)Center for Chinese Agricultural Policy,Chinese Academy of Sciences,100101,Beijing,China3) College of Sciences,North China Univ.of Tech.,100041,Beijing,China);Investment Strategies Analysis of Pension Funds Based on Portfolio Insurance Technique[J];Journal of North China University of Technology Beijing China;2006-03
3 Xu Long-de & Chi Xu-sheng (Internal Control and Risk Management Research Center,Dongbei University of Finance and Economics,Dalian,Liaoning 116025,China);A Probe into Performance Evaluation of High-tech Enterprises in Initial Stage[J];Journal of Beijing Technology and Business University(Social Science);2009-02
4 ZHANG Ying-qin,SHI Ping (Mathematics and Physics School,Inner Mongolia University of Science and Technology,Baotou 014010,China);Binomial approximation of Black-Scholes formula[J];Journal of Inner Mongolia University of Science and Technology;2007-02
5 ZHANG Wei~1,ZHONG Wei-dong~2,FENG Shu-xia~3(1.School of Management,China University of Mining and Technology,Xuzhou,Jiangsu 221008,China;2.Research Center of Business Incubator,Xiamen University,Xiamen,Fujian 361009,China;3.Xuzhou,Jiangsu 221006,China);Empirical Discrimination of the Survival Prospect of Start-up High Technology Firms[J];Commercial Research;2006-19
6 WANG Jing,WANG Min(College of Economics & Management,Northwest A&F University,Yangling 712100,China);SPA-Based Investigation on Pricing Model of Convertible Bonds[J];Commercial Research;2008-04
7 ;选择权的价值 ——复杂定价模型优于简单方法吗?[J];Finance and Economics;2003-05
8 WANG Fang-ming 1, LIN Jian-guo 2 (1. School of Finance, Zhejiang University of Finance and Economics,Hangzhou 310012, China; 2. Ningbo Reyda International Economic & trade corporation., Ltd, Ningbo 315010,China);The Discussion of Evaluating Model on Venture Enterprise[J];Collected Essays on Finance and Economics;2002-06
9 Yao Liqiong Wang Jinghong (Zhejiang industry&trade polytechnic institute,Newly world investment corporation,Wenzhou,Zhejiang 325003);On the Project Screen of Venture Capital and value assessment 's Important Factors and It's Index System[J];Communication of Finance and Accounting(Academy Version);2006-06
10 JIN Shao-li, JIN Chao-song(School of Mathematics and Physics of Chongqing University, Chongqing 400045,China);The Pricing of Stock Option of Asset Price Vibration Rate Following Markov Chain[J];;2002-05
China Proceedings of conference Full-text Database 1 Hits
1 ZHANG Hai-li WU Qi-zong School of Management and Economy, Beijing Institute of Technology,Beijing 100081, China;Research on Synthetical Evaluation Indices System for High-tech Risk Investment Project[A];[C];2004
Chinese Journal Full-text Database 10 Hits
1 XIE Xiao-hong, ZHOU Yu (School of Management, Xi'an University of Architecture & Technology, Xi'an 710055, China);RESEARCH TO METHOD OF PROJECT EVALUATION BASED ON FUZZY MATHEMATICS[J];Journal of Anhui Institute of Architecture;2003-02
2 ZHANG Mei qing 1, PEI Lin lin 2 (1.School of Economics and Management,Beijing Jiaotong University, Beijing 100044, China; 2. China Civil Aviation Information and Network Ltd., the Department of Programming and Development, Beijing 100710, China);Research on Pricing Theory of Option in Pricing of Technological Goods[J];Journal of Northern Jiaotong University(Social Sciences Edition);2003-03
3 Zhang Jianping(Department of Econozmic Management,Northern Jiaotong University,Beijing 100044);The Development of Economics Theory Application in Information System[J];JOURNAL OF NORTHERN JIAOTONG UNIVERSITY;1994-03
4 MA Xin, DING Hui-ping (School of Econormics and Management, Beijing Jiaotong University, Beijing 100044, China);The Real Option Pricing Model of Hi-tech Project Investment[J];Journal of Beijing University of Technology;2006-01
6 WU Ren-qun, HAN Bo-tang(The School of Management and Economic, Beijing Institute of Technology, Beijing 100081, China);The application of optional theory in IT' risk management[J];Journal of Beijing University of Posts Telecommunications;2003-01
7 ZHAO Zhen-wu,TANG Wan-sheng(School of Management Tianjin University,Tianjin 300072);The Application of Fuzzy Real Option Theory in the Venture Investment Value Evaluation[J];Journal of Beijing Institute of Technology(Social Sciences Edition);2006-01
8 YU Hun-chuan YU Yi-ping LI Qi (Department of Adminstrative Engineering, Fushun Petroleum Institute, Liaoning Fushun 113001, China);Research On the Principal & Agent Relation ship in Venture Capital[J];Commercial Research;2002-12
9 ZHU Qi-shu, ZHAO Xi-cang(Jiangsu University, Zhenjiang 212013, China);The Application of Real Options in the Human Resource Evaluation[J];Commercial Research;2003-01
10 ZHANG Li, YANG Chun-peng, YU Ling(School of International Finance, Qingdao University, Qingdao 266071, China);Real Option and Its Application in Venture Capital[J];Commercial Research;2003-03
【Secondary References】
Chinese Journal Full-text Database 7 Hits
1 JIANG Zhi-xue (Science and Education Department,General Administration of Sport of China,Beijing 100763,China);Organizing and Management of Scientific Research Service for Chinese Sports Delegation in 2008 Olympic Games[J];Journal of Beijing Sport University;2009-01
2 LIU Binsheng1 WANG Xueqing1 LI Jinhai2(1.Tianjing University,Tianjin,China;2.Hebei University of Technology, Tianjin,China);Evaluating Projects under the Direction of W-S-R Methodology[J];Chinese Journal of Management;2007-04
3 LIU Bing-sheng,et al;Systematical Analysis about Functions and Structures of Project-evaluation[J];Science Technology and Dialectics;2007-05
4 FANG Deying~(1,2),LI Minqiang~2,LI Ping~1(1.Business College,Beijing Union University,Beijing 100025,China;2.Management School,Tianjin University,Tianjin 320007,China);Financial evaluation methods in software process improvement[J];Journal of Tsinghua University(Science and Technology);2006-S1
5 ;Exploration of Development Methods of MIS in Commertial Enterprises[J];Software Guide;2008-06
6 JIN Jing yu 1,2 ,LIU Chao ming 1,HAN Bin 1 (1. School of Economics and Management, Southwest Jiaotong University, Chengdu 610031, China; 2. School of Finance and Fiscal Affairs, Chongqing Technology and Business University, Chongqing 400067, China);Analysis on Regional Venture Capital Environment Based on AHP Fuzzy Comprehensive Evaluation[J];Journal of Southwest Jiaotong University;2005-03
7 ZHANG Guo-xing1,2,Guo Ju-e1,Yan Wen-juan1(1.School of Management,Xi'an JiaoTong University,Xi'an 710049,China;2.School of Civil Engineering,Lanzhou JiaoTong University,Lanzhou 730070,China);An Asymmetrical Duopoly Investment Game Model Based on Mothballing Option[J];Operations Research and Management Science;2008-03
©2006 Tsinghua Tongfang Knowledge Network Technology Co., Ltd.(Beijing)(TTKN) All rights reserved