水利项目投资中实物期权决策

传统方法净现值法(NPV)因自身局限性与水利项目特点,在水利项目投资决策的科学性与准确性受到质疑。本文通过两个实例说明,把实物期权方法引进水利项目决策中,能有效克服传统方法局限性,提高决策的科学性。最后对实物期权新思维在水利项目决策中的价值进行了总结。

Investment Decision-making in Water Conservancy Projects Based on Real Options

Due to traditional evaluation methods some limitations and water conservancy investment characteristics, the exactness and legitimacy of decision-making method is doubted through applying present value method to invest Water Conservancy Projects. The real options method can overcome their traits and enhance exactness and legitimacy of decision-making, it is illuminated through two examples in the paper. In the end ,some effect based on real options are summarized.