关键词: 风险投资定价, 分期投入, 期望值定价, 风险投资

Abstract: This study is intended to put forward a better approach to venture capital pricing than traditional ones•Considering some drawbacks exist in traditional approaches, such as difficult calculations, seeing venture capital as only one-time investment, and too single assumption for venture enterprises’ development, a new approach, named“approach to multi-state expected value pricing for subsection venture capital”, is proposed in which time is introduced to reflect characteristics of capitalists’ subsection investment and multistates of venture enter prises’ development and their respective probabilities are considered to show characteristics of high uncertainty of venture enterprises, and the expected value calculation approach is applied to show the central tendency of multi-states of venture enterprises’ development• An analysis of a case shows that the approach can be more scientific and reasonable to price venture capital•

Key words: venturecapitalpricing, subsectioninvestment, expectedvaluepricing, venturecapital