| 不确定性项目投资决策中的实物期权研究 |
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| 引用本文： | 肖禹,赵文昕. 不确定性项目投资决策中的实物期权研究[J]. 企业技术开发, 2006, 25(10): 70-72,87 |
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| 作者姓名： | 肖禹 赵文昕 |
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| 作者单位： | [1]中南大学商学院,湖南长沙410083 [2]湖南大学会计学院,湖南长沙410079 |
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| 摘 要： | 在一些不确定性项目决策过程中,传统的评价方法出现了不完整甚至错误的结论,这是因为传统的方法没有考虑到项目的管理柔性的价值,针对这种情况,文章引入了实物期权理论,详细阐述了如何建立项目投资评价的实物期权框架,并且用一个实例说明了如何运用定量的分析来实际操作一个延迟期权的价值。
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| 关 键 词： | 实物期权 延迟期权 期权定价 |
| 文章编号： | 1006-8937（2006）10-0070-03 |
| 收稿时间： | 2006-07-27 |
| 修稿时间： | 2006-07-27 |
The real option research of uncertainty project investment decision-making |
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| XIAO Yu,ZHAO Wen-xin. The real option research of uncertainty project investment decision-making[J]. Technological Development of Enterprise, 2006, 25(10): 70-72,87 |
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| Authors: | XIAO Yu ZHAO Wen-xin |
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| Affiliation: | 1. Business School, Central South University, Changsha, Hunan 410083, China 2. Accounting College, Hunan University, Changsha, Hunan 410079, China |
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| Abstract: | In the decision process of the project investment under uncertainty, there appeared that the traditional valuation method was imperfect and even error because it didn't consider the managerial flexibility. Aiming at this circumstance, this paper introduced real option theory and detailedly expatiated how to set up real option structure about project investment evaluation, at last with an example, it explained how to use quantitative analysis to practically operate a deferring option's value. |
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| Keywords: | real option deferring option option pricing |
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