Valuation of R&D projects using binomial model combined with Black-Scholes formula

被引：0

作者：

Xu, ML ^{[1
]}

Zhang, ZG ^{[1
]}

机构：

[1] Huazhong Univ Sci & Technol, Coll Management, Wuhan 430074, Hubei, Peoples R China

来源：

PROCEEDINGS OF THE 2001 INTERNATIONAL CONFERENCE ON MANAGEMENT SCIENCE AND ENGINEERING, VOLS I AND II | 2001年

关键词：

real options; R&D; NPV; binomial model; Black-Scholes formula;

D O I：

暂无

中图分类号：

TP18 [人工智能理论];

学科分类号：

081104 ; 0812 ; 0835 ; 1405 ;

摘要：

How to evaluate a research and development(R&D) project is a crucial topic in R&D management. The use of net present value(NPV) analysis as the evaluation of R&D projects has aroused much doubts. The so called 'real options' approach has gained growing attention on application in the field of R&D. Real options approach permits a more flexible assessment of the future growth opportunities. NPV method usually fails to capture all the future opportunities and leads to an under investment in R&D. Real options approach is more appropriate to evaluate an R&D project. After a comparison of real options with traditional NPV a model of combining binomial model with Black-Scholes formula to R&D projects valuation is presented.

引用

页码：1764 / 1768

页数：5