中文摘要：

根据技术商品多阶段性、高风险性和不确定性的典型特点，给出描述其价值变化的随机过程方程．结合实物期权方法，建立相应的复合期权定价模型，采用逆时序方法求得解析解．算例表明，该定价模型避免了市场比较法、收益现值法和重置成本法在价值评估中的缺陷．

英文摘要：

Stochasic differential equations were applied to describe the value behavior of technology products according to their typical characteristics,such as, multiplestage, high ricky and uncertainty. Combined with the real option approach, a two-stage compound real option pricing model is built up and an analytical solution acquired using a reverse chronological order approach. Numerical results showed that the model can overcome the defectiveness of market comparison approach, income present value approach and replacement cost approach.