Research and Implementation of Ventuer Capital Pricing Model Based on Backward Stochastic Differential Equation
|School||Shandong University of Science and Technology|
|Keywords||High-tech Venture Capital Backward Stochastic Differential Equations Application|
China's accession to the the WTO global economic integration and the era of knowledge economy environment , the development of high - tech enterprises has undoubtedly become a new growth point of China 's economy . The development of high-tech industry has an important strategic position , but also an inevitable requirement of economic development . Risk investment in scientific and technological achievements into practical productive forces play a catalytic and supporting role to promote the development of high - tech industry , and thus the risk of investment will be an effective form of investment in the new economic era . Venture capital has many important issues to be discussed , in which the risk of investment projects evaluation and decision - making research is an important content , the effectiveness of the decision-making activities of the venture capital firm , directly affecting the interests of investors and, ultimately, decide to invest in the company can be smoothly development, which is the core content of the field of venture capital , has a special importance . For the risk of investment in the field of micro , help to reduce the risks in the risk of the investment process , is conducive to the healthy development of the venture capital industry . Due to the outstanding advantages of computer data storage, processing , has been widely used in the field of investment such as stocks, futures , and venture capital management process , mature software product is also unusual , especially in the country, at risk investment evaluation and decision-making stage , has not found a mature application software . In this paper, the theory of real options -based , with a backward stochastic differential equations as a modeling tool , derived the duplex option pricing model , discuss its algorithm and gives the formula of the numerical solution ; risk investment characteristics , it was found that risk investment not only has the general investment option characteristics , but also has very obvious nature of the duplex option , venture capital pricing model the the duplex option pricing model based on the proposed venture capital pricing model algorithm ; software engineering methods , analysis , completed venture capital pricing application .