| 新药投资价值评估中实物期权的应用研究 |
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| 引用本文： | 孙国君,冯芳琴,樊俏玫,俞国涛,单伟光.新药投资价值评估中实物期权的应用研究[J].中国新药杂志,2011(1). |
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| 作者姓名： | 孙国君 冯芳琴 樊俏玫 俞国涛 单伟光 |
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| 作者单位： | 浙江工业大学药学院; |
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| 摘 要： | 新药研发投资存在着巨大的不确定性,而实物期权法则是近年来发展起来的研究不确定性和投资风险的一种评估工具。本文运用这一最新技术对新药研发领域中的专利技术和新药研发实例进行了投资价值评估,并与传统的净现值法结果进行比较。研究分析表明,实物期权法能够更好地解决新药研发的不确定性,能对新药研发的风险价值进行更准确的评估。
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| 关 键 词： | 实物期权 二叉树模型 净现值法 |
Real options in new drug investment's evaluation |
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| SUN Guo-jun,FENG Fang-qin,FAN Qiao-mei,YU Guo-tao,SHAN Wei-guang.Real options in new drug investment's evaluation[J].Chinese Journal of New Drugs,2011(1). |
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| Authors: | SUN Guo-jun FENG Fang-qin FAN Qiao-mei YU Guo-tao SHAN Wei-guang |
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| Institution: | SUN Guo-jun,FENG Fang-qin,FAN Qiao-mei,YU Guo-tao,SHAN Wei-guang(College of Pharmaceutical Science,Zhejiang University of Technology,Hangzhou 310014,China) |
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| Abstract: | New drug R&D has a great many uncertainties,and the real options are the evaluation tool developed to deal with the uncertainties and investment venture in recent years.It was used to evaluate the real options that invest the value of developing the patent technology and new drug,and to be compared with the result of traditional methods of the net present value(NPV).Through analyzing,the real options could invest the uncertainties better,and evaluate the venture of the new drug R&D more exactly. |
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| Keywords: | real options binomial tree model net present value(NPV) |
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