实物期权理论在应用中的认识偏差

Real Option Theory' Deficiency in Practical Application

实物期权是期权理论的一个新型应用。实物期权理论突破了传统的投资方法瓶颈,并比传统的 投资方法更能适用于风险投资决策。但是,实物期权理论也是存在缺陷的,不仅体现在实物期权定价模型本 身的不足,更多的是人们运用实物期权理论于项目投资决策时存在认识误区,从而导致象因特网和其他高科 技投资泡沫的破灭。

Real option is a new field where the option theory in financial management. Real options not only have broken through the basic deficiency in traditional investment, but also is more fit for venture capital decision. However, as far as ,because of there being defects of the real option in model itself and misapprehension when people take use of the real option theory ,it leads the internet and other high-technology bubbles to perdition.