共查询到19条相似文献,搜索用时 964 毫秒
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随着外部经营环境的不断变化,矿业企业应合理控制投资规模,灵活调整投资方式,科学决策.本文在对传统的投资决策进行分析的基础上,提出实物期权方法的新思路,全面介绍了实物期权的概念、特点、优越性以及影响期权定价的基本因素和实物期权定价模型,并以内蒙古某矿业公司为例来分析矿业项目投资决策方法的选择. 相似文献
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项目投资决策方法的优化--基于实物期权理论的研究 总被引:3,自引:0,他引:3
在综述传统投资决策方法和实物期权理论研究文献的基础上,总结了以净现值为核心的传统投资决策方法的缺陷,介绍了实物期权理论的核心思想及其优势,提出了项目投资决策中应用实物期权理论的基本思路。 相似文献
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为了更好的对投资项目进行评估,引入了实物期权理论,为项目投资决策提供全新的思路。本文介绍了实物期权理论,并根据企业投资决策的特点,介绍了实物期权的分类和特征,提出了实物期权应用于企业投资决策的一般步骤。 相似文献
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文章对实物期权理论的产生和发展进行了回顾和评价,指出了今后的研究方向。传统实物期权理论注重将金融期权理论在非金融资产上的应用,博弈理论将博弈论引入实物期权理论,研究竞争互动、信息不完全等因素对企业投资决策的影响。 相似文献
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开发企业采取分期开发方式,可以利用项目未知信息中蕴涵的机会给项目带来进一步选择的灵活性,以扩大项目价值。传统投资决策方法只适用于短期的、确定性高的一次性投资项目,而实物期权理论却是探讨分期开发投资的一种有效工具。采用Geske推导的复合看涨期权定价公式以及B-S简单看涨期权定价模型,构建分期开发期权价值计算模型,求解分期开发期权价值大小。该模型合理地评估了商业地产分期开发期权价值的大小,可以作为商业地产开发商进行投资决策的依据。 相似文献
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传统的投资决策评估方法,往往忽视了一些不确定因素,低估了项目的价值,会使得企业失去一些有价值的投资机会。为了更好的对投资项目进行评估,引入了实物期权理论,为项目投资决策提供全新的思路。本文系统地介绍和分析实物期权理论,针对项目投资决策的特点,将实物期权分成了增长期权、等待/学习期权、收缩期权三大类,同时进行了讨论。并提出了实物期权的决策分析框架。 相似文献
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文章研究了企业R&D项目中的实物期权特征,介绍了基于复合期权的企业R&D项目价值的期权定价方法,并把Geske模型应用到实际投资决策中,得出复合期权的Geske模型可避免传统评价方法造成机会损失的结论。 相似文献
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本文通过对传统的项目投资决策方法的分析,引入了期权理论和贝叶斯理论,提出了一种改进的ENPV法。 相似文献
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ZHANGBao-zhu 《事业财会》2008,(5)
综述了国内外复合期权理论、方法及应用的最新研究成果,介绍了复合期权模型在金融资产和实物资产价值评估、公司金融领域等的具体应用。对多期复合期权模型在序列决策方面所具有的优势与应用前景、研究难点及相应的解决方案展开了深入的讨论。 相似文献
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B-S模型是实物期权中的一种重要定价模型。在考虑土地闲置费的基础上,将修正后的B-S模型应用于房地产的延迟开发研究中,以评价房地产开发项目是否适合于延迟开发以及何时开发。借助B-S定价模型来分析房地产开发项目,决定投资与否以及何时投资,可以使决策者有更多的选择权,为其提供一个更全面的视野。 相似文献
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The radical restructuring of the German utility giants RWE and E.ON in the wake of Germany's shift to renewable energy motivates the need of a formal model of corporate social responsible (CSR) investment appraisal with environmental externalities. We offer in this paper a model that uses the tools of decision analysis to value the option to postpone the project. We show that adding a CSR dimension to projects generating negative environmental externalities can induce the firm to invest immediately, whereas it always postpones projects without CSR activities. According to the project's attributes, the paper also determines the optimal level of effort in CSR. 相似文献
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《Socio》2020
Consistent with the rapid growth of the Chinese economy and its commercial real estate (CRE) market, evaluating CRE investments in China is becoming an important application area where a multi-criteria expert decision system can make a significant contribution. We used a multi-criteria expert decision system to evaluate ten actual CRE investments in China. Based on thirty-one industry experts, we identified key decision factors to consider when evaluating different CRE investment projects and determined their importance weights. We then evaluated whether or not the ten CRE investment projects were considered to be successful, taking into account the unique characteristics of each CRE investment project. We finally compared the evaluations for the ten cases with their actual performance using four different performance indicators. The results showed that the evaluations had at least 87.5% accuracy across four different performance indicators. As probably one of the first systematic and in-depth scholarly studies to evaluate CRE investment projects in China, this study contributes to a better understanding of such evaluations and helps CRE investors evaluate CRE investment projects in a more informed fashion. 相似文献
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投资项目可行性方案研究论证的新构想 总被引:1,自引:0,他引:1
投资项目往往会发生决策失误,究其原因,主要在于决策者的意志和论证者的权威性服从人格。要解决这一系关全局的重大决策问题,除了对投资项目正常事项的研究论证外,还必须对投资项目进行不可行性的研究论证、生态管理成本及安全管理成本的研究论证。使投资项目可行性决策方案真正可行而完整。 相似文献
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This paper analyzes the impact of capital gains taxation on investment timing decisions for risky investment projects with entry and exit flexibility under differential tax rates for ordinary income and capital gains. We investigate whether capital gains taxation influences immediate and delayed investments asymmetrically, given the optimal abandonment decision. If capital gains taxation induces a lock-in effect, this effect is anticipated in the investment timing decision. In contrast to prior research, our numerical simulations show that this lock-in effect of capital gains taxation can induce normal as well as paradoxical effects on investment timing under simultaneous entry and exit flexibility. A paradoxical timing effect, i.e., investment accelerated by capital gains taxation, especially emerges for high liquidation proceeds or, more conservative tax accounting, low interest rates, and low volatilities. In these cases, capital gains taxation reduces the value of the option to invest and hereby increases the propensity to invest immediately. As a second paradoxical tax effect, capital gains taxation may favor delayed real investment over financial investment. Facing these results, tax legislators should not use capital gains taxation as a short-term tax policy instrument to influence investors' timing decisions. 相似文献