研发项目投资决策是现代企业研发管理的核心内容,对研发项目进行合理、准确的评估,具有高度的战略意义和现实意义。本文基于实物期权理论,考虑到研发项目投资的灵活性,结合研发项目的阶段性特征,综合分析了研发项目寿命期内面临的市场风险、技术风险和突发风险对研发项目潜在现金流的影响,构建了风险条件下研发项目多阶段评价模型。最后通过算例对模型进行验证、横向对比和敏感性分析,证实了模型的正确合理性。
RD project investment decision is the key of RD management in modern enterprises,and the reasonable and correct RD project evaluation has great strategic and practical significance.In this paper,on the real option perspective,taking into account the flexibility of RD project investment,combining the character of stages of RD project,analyzing comprehensively market risk,technology risk and emergency risk during the lifetime,the multi-stage RD project evaluation model is established under the circumstance of risks.Finally,through an example conducting horizontal comparison and sensitivity analysis,the correctness and reasonability of model are verified.