实物期权方法在企业投资中的应用模式研究

Research on Application Mode of the Real Option Method in Firm's Investment

通过阐述实物期权与不确定性、管理柔性之间的关系,指出了传统投资价值评估方法的缺陷和实物期权方法的优越性,以及建立实物期权方法在企业投资中的应用模式,认为实物期权方法应用的关键在于理解实物期权方法是一种思维模式。应用实物期权方法应注意识别实物期权并建立应用框架、构造实物期权定价模型、评估结果评定及实物期权再设计。

Firstly this paper expounded the relationship between the real option and the uncertainty managerial flexibility and indicated the limitation of the traditional investment valuation method and the advantage of the real option method. Secondly this paper founded an application mode of the real option method in firm's investment systematically and emphasized that the key of using the real option method is to take the real option method as a mode of thought. Lastly this paper pointed out the points for attention in using the real option method identifying real option and establishing an application mode restructuring real option pricing model valuating and re-designing real option.