摘要
净现值法作为目前投资方案评价中广为采纳的一种方法,用来评估带有柔性操作的投资项目时,将会低估项目中内含的嵌入期权。改进的办法是利用期权复制的思想,对发生柔性操作的那一期折现率进行修正,从而正确地评估投资方案,指导投资者做出正确的决策。
NPV method is widely adopted to evaluate the investment project at present. However, the options embedded in the project will be underestimated by utilizing NPV to evaluate one project with flexible operation. Thelmprovement is to modify the discount rate of that period in the flexible operation, and evaluate the investment project rightly and guide investors to make the right investment decisions.
出处
《广东商学院学报》
2006年第4期59-61,共3页
Journal of Guangdong University of Business Studies
关键词
传统净现值法
低估
实物期权
traditional NPV
underestimate
real options
