摘要：本文在Copeland等人提出的多项式期权定价模型的基础上，通过引入最小相对熵原理，建立了多阶段风险投资非参实物期权决策模型，解决了多阶段风险投资估值决策的问题。实证表明，该模型能够使风险项目决策建立在信息收集的基础上，大大减少了参数假设等主观因素的影响，提高了模型的实用性。

Abstract: Based on the polynomial option pricing model, a multi-stage nonparametric real option model for venture capital evaluation is established by introducing the minimum relative entropy theory. Empirical analysis shows that the model can effectively reduce the subjective impact since it helps us to draw the conclusion in light of the information collection of risk project rather than parameter hypothesis, which is a standard way for most of the pricing models proposed in the past.