基于不确定性和管理柔性框架的实物期权研究综述

对实物期权研究成果进行了综述,强调了实物期权的理论基础:不确定性和管理柔性。对于不确定性,主要分析了商品价格模型,包括单因素模型、二因素模型、三因素模型和其它模型。将管理柔性划分为投资阶段柔性、生产经营阶段柔性和退出阶段柔性。指出目前研究中存在的问题:缺乏综合和系统,国内研究中忽视对不确定的研究和模型的实证检验,忽视对项目的义务和责任的研究,忽视实物资产与金融资产的区别以及实物期权的管理属性。

To Summarize on Research of Real Options Based on Uncertainties and Managementrial Flexibilities

The paper reviews the research results of real options,emphasizing its theory fundamentals:uncertainties and managerial flexibilities.For uncertainties,it analyzes commodity price models,which include one-factor model,two-factor model,three-factor model and other models.It also divides managerial flexibilities into investment stage flexibilities,operating stage flexibilities and exit stage flexibilities.It also points out prevailing problems of recent researches,which include ignoring systemization and integration,ignoring uncertainties research and empirical testing of models,ignoring project's obligations research,ignoring the difference between financial assets and real assets,and ignoring the managerial property of real options.