项目的最佳投资时机问题的研究

长期以来广泛应用的以货币的时间价值为着眼点的投资决策方法,暗含了管理者只能被动的拒绝或接受某投资项目的假设,或者说忽略了管理者的存在和作用,这显然与现实不符。用金融领域中的期权二项树理论,提出项目最佳投资时机的期权决策法,使企业作出的关于项目最佳投资时机的决策更加有效、合理;企业可以据此决定在什么情况下应该推迟对项目进行投资,在什么情况下应该立即投资。

To Study on the Projects Optimal Timing of Investment

Investment decision-making based the time value of the capital, which is applied chronically and widely, implies that managers of companies can only accept or refuse some projects passively, so it neglects the exist of managers and their effect. Apparently these do not accord with the fact. By using Binomial Tree Model of Real Option Theory, we give a method to resolve the optimal timing of investment of a project. The method can help companies to make correct investment decision-making rationally and effectively: according to different surroundings, companies can invest their project immediately or delay it.