私募股权投资中二叉树期权估值模型研究

摘要

In this paper, real option theory is applied to make investment decision of private equity, we analyze the defects of tradition-al valuation methods and the option characteristics of private equity investment, besides, we construct the option valuation model of binomial tree under risk neutral condition and carry on empirical analysis with the new investment decision model.%本文将实物期权理论引入私募股权投资决策中，分析了传统估值方法存在的缺陷及私募股权投资的期权特性，构建了基于风险中性条件的二叉树期权估值模型，并对该模型在私募股权投资中进行了实例分析。