期刊
RESEARCH-TECHNOLOGY MANAGEMENT
卷 43, 期 4, 页码 26-30出版社
INDUSTRIAL RESEARCH INST INC
DOI: 10.1080/08956308.2000.11671365
关键词
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Cash flow models for valuing technology are increasingly out of touch with market-place valuations. While investor psychology and perceptions about the future may drive the marketplace, the theory of real options can go a long way towards closing the valuation gap. More importantly, it is a quantitative method, and is responsive to changing sets of assumptions. This article focuses on the importance of separating unique and market risk in applying options theory to R&D projects, since the former impacts value negatively while the latter enhances value. It also illustrates how the hidden options in a new venture can contribute enormously to value, especially in fast-growing industries and in market exhibiting high volatility.
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