科技项目投资的实物期权分析框架

Framework of Real Option Evaluation on Science and Technology Project Investment

将实物期权引入科技项目的评价过程 ,从分析层、计算层、控制层 3个层次来构建高科技项目实物期权分析的一个完整框架 ,并侧重分析不确定性与期权的关系 ,以及期权之间的相互作用 .最后 。

This paper introduces real option analysis into the evaluation of science and technology project investment, and constructs a general framework, which covers the project-analyzing layer, real-option-calculating layer and result-controlling layer. The framework emphasizes particularly the relationship between uncertainty and real options, and interactions between different options. Finally, it presents an illustration about the real option evaluation of science and technology project investment with the framework.