中文摘要：

高新技术企业可获取专利保护，再进行商业化；也可在研发成功技术保密状态下直接进行商业化．本文从风险投资决策者的有限理性出发，强调风险投资者的实际心理感受对风险投资决策的影响．根据高新技术项目的高风险、高收益性以及分阶段资金注入的特点。建立了基于有限理性和不同技术战略的实物期权风险投资动态决策模型．本文模型全面、客观的对高新技术项目的价值进行了评估并对风险投资的投资决策进行了指导．文章详细阐述了模型中各参数对投资决策的影响，使理论上的最优投资决策结果真正成为现实中风险投资决策者的重要参考依据．

英文摘要：

High-tech companies can obtain a patent and commercialize it; or directly commercialize it after successful R＆Ds in secret without a patent. From the view of limited ration, considering the actual psychologi- cal feelings of the investors of venture capital and the characteristics of high-risk and multi-stage capital injec- tion in the high-tech project of high-tech companies, the paper establishes a dynamic, multi-stage investment decision evaluation model based on limited ration, real option and different technology strategies. The pro- posed model factually and inclusively evaluates the high-tech projects and supervises the venture capital invest- ment decisions. The model provides its parameters value and the influences of all parameters are analyzed. Some policy suggestions are provided in the end.