实物期权在BOT水电项目投资中的应用

BOT融资是近年我国水电项目建设中的一个实用有效的方式,取得了很大的发展。但是,由于水电项目投资大、工期长、不确定性因素多,而利用BOT方式融资时,对项目的评价还是以传统的评价方法为主。这样就加大了项目的风险,造成投资者的损失。本文针对这些问题,介绍了实物期权理论,并将之引入对BOT水电项目的评价中。

The Application of Real Option in Hydropower Investment Project by BOT Mode

In recent years,the BOT finance mode has been a useful way for hydropower construction project and has been greatly developed in our country.Because of some traits in hydropower project,such as huge investment、long term of construction and many uncertain aspects,but we still use the traditional economic evaluation progress in hydropower construction project.Then it would increase the risk of project and would make the investor lose.To these questions,this paper introduces the theory of real option to BOT finance mode in the evaluation of hydropower construction project.