试论实物期权理论在项目投资决策中的应用

Applying Real Options Theory in Investment Evaluation

摘要:

实物期权是期权理论在财务管理实务中的一个新型应用。传统的投资评价方法暗含的投资不可逆转和推迟的基本假设在具体应用时已表现出其局限性。实物期权理论充分考虑管理者进行投资决策时拥有的灵活选择权 ,并将该种权利予以量化 ,从而证明选择权是具有价值的 ,并由此改变了传统的投资观念和评价体系

Abstract:

Real options is a new field where the option theory is applied in financial management. The basic assumption in traditional investment appraisal method, i.e. investment is un reversible and un delaying , shows its limitation in practice . Real options takes much consideration about the flexibility of the investor and quantifies its value. It proves the value of the right of choice and finally changes the traditional investment concept and appraisal system.