A tri-stage investment-analyzing frame is constructed to realize an organic combo of the R &D, commercial startup and scale expansion during the uncertain investments and an interacting investment chain.

• 提出基于实物期权思想的三阶段投资分析框架，使不确定投资过程中的研发、商业化启动、规模扩张三个重要环节有机地联系在一起，构成一条前后相互影响作用的投资链。