Abstract：On the basis of high risk and multistage of venture investment, accounting for the uncertainty both in the cost and benefit, a new real option model was developed. Moreover, the comparison of traditional net present value method and sensitive analysis of main parameters were given. The result shows that this model promotes the science of decisionmaking of venture project investment due to the waiting value introduced by uncertainty of cost and benefit.
郝旭东，欧阳令南. 价值及成本不确定情况下的创业投资决策[J]. 上海交通大学学报（自然版）, .
HAO Xu-dong，OUYANG Ling-nan. Venture Capital Investment Decision Based on Uncertainty of Benefit and Cost. J. Shanghai Jiaotong Univ.(Sci.) , 2008, 42(11): 1784-1787.
