摘要
传统的投资决策评估方法,往往忽视了一些不确定因素,低估了项目的价值,会使得企业失去一些有价值的投资机会。为了更好的对投资项目进行评估,引入了实物期权理论,为项目投资决策提供全新的思路。本文系统地介绍和分析实物期权理论,针对项目投资决策的特点,将实物期权分成了增长期权、等待/学习期权、收缩期权三大类,同时进行了讨论。并提出了实物期权的决策分析框架。
The investment opportunity brings not only the benefits but also risk. it can＇t be measured exactly with original ways. In order to evaluate the investment opportunity better, a new eoneept is introduced, namely, real option. The original systematieally introduce and the analyze real option theory. According to its distinguishing feature. The real option separates into the increase、Await/Study、The eontraefion of option、Moreover it is proposed the analysis frame of deeision about the real option.
出处
《价值工程》
2006年第3期122-124,共3页
Value Engineering
