复合期权在生物制药项目评估中的应用研究
An Application Study of Valuation of Compound Options in the Bio-pharmaceutical Project
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摘要: 用什么方法来评价生物制药项目的价值是实际工作中亟需解决的问题。在分析了生物制药项目具有复合实物期权特征的基础上,认为应该使用复合期权定价模型对生物制药项目进行评估,并通过实例说明了如何运用Geske复合期权定价模型对生物制药项目进行评估。Abstract: It is a problem to be solved urgently in practice that what kind of method should be used to evaluate Bio-pharmaceutical Projects.Based on the discussion that Bio-pharmaceutical Project has characteristics of Compound Real Options(CRO),this paper argues that the pricing model of Compound Options should be used as the method for the evaluation of Bio-pharmaceutical Project,and explains how to use the Geske model to evaluate the Bio-pharmaceutical Project through an example.
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