Study On The Desion Of Venture Capital Based On Real Options

As the development of technology, under the new times of which economy is being led by high-tech knowledge, more and more venture capitals have appeared. Venture capital is a kind of high risk investment, which exists extremely dissymmetry during its process of operation. Therefore, whether venture investors can evaluate any project dynamically and make relevant investment decision according to limited information will be crucial to the success of venture capital operation.Practical operation theory is the extension of financial option in the practical field;it has not only enriched the connotation of original option theory, but also provided completely new way of analysis for enterprises and individuals.After studying and summarizing traditional ways of venture capitals, this paper will conclude that traditional investment methods are unsuitable for modern venture capitals. Then, the author will find out a befitting way - practical operation theory, and introduce it into the evaluation of venture investment decision according to its characteristics such as high risk, high benefit and immix capital by stages. The author firstly expatiates the characteristics of practical operation, and proves the applicability of practical operation theory towards venture capital. Then the paper will establish a model of venture investment evaluation, and expatiate the probable impacts result from all the parameter in this model. Finally, this paper discusses the probable problems during the application of practical operation theory and how to resolve it.The objective of this paper is to help venture capital companies and relevant enterprises to evaluate the real value of any venture investment project more veracious, and enhance the efficiency of venture capital operation in future.