运筹与管理2011，Vol.20Issue(1)：128-134,7.
风险投资估值调整协议的实物期权价值及其应用
Real Option Value and Application of Valuation Adjustment Agreement in Venture Capital
摘要
Abstract
This paper studies the valuation adjustment agreement, which was signed by Mengniu and morganstanley and other large institutional investors, and summerizes the characteristics of valuation adjustment agreement; to avoid risks and obtain win-win is the objective of the agreement, uncertainty is the foundation, performance appraisal is a constraint means, equity is a means of stimulation, and a reasonable valuation is a necessary condition for win-win.Based on the above characteristics, the paper establishes a real options model of valuation adjustment agreement and in accordance with the model researches the value of real options and venture capital quit time.It draws the conclusion that when the project value is greater than the agreed critical value, venture capitalists will not be a long wait, but will choose the right time to withdraw from the project.关键词
管理科学/风险投资/实物期权/估值调整协议分类
管理科学引用本文复制引用
晏文隽,郭菊娥..风险投资估值调整协议的实物期权价值及其应用[J].运筹与管理,2011,20(1):128-134,7.基金项目
国家自然科学基金资助项目(70773091) （70773091）
