The premise to build a High-tech Virtual Enterprise (HTVE) is to evaluate correctly its value. In this paper, we construct the three phases HTVE investment decisions based on R&D cooperation and show that the HTVE has compound option features. On the basis of the datum of a HTVE composed from A and B firm, we use the Geske Model to calculate HTVE's compound option value, from which the result is more realistic than traditional methods. The significant research ideas are provided for correctly evaluating on others virtual enterprise value.
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