实际选择权在战略性投资决策中的运用

The usage of real option strategic investment decision

由于战略性决策是处在一个动态的经济环境中,以净现值法(NPV)为代表的贴现的决策分析方法往往低估了投资方案的价值,从而不能使决策者做出有利于企业价值增加的决策。将一个动态因素即实际选择权引入投资决策分析中,以动态的思路进行评价,以便得出合理有效的分析结果,来指导投资决策。

<Abstrcat>Because strategic decision is in a dynamic economical environment and decision analysis method of discount taken as the representation of net present value (NPV) often underestimates the value of investment plan , decision maker can't make a policy which is good to increasing enterprise value. The article brings a dynamic factor into decision investment analysis——real option. It evaluates by dynamic thought so that it can reach reasonable and effective analysis result to direct investment decision.