实物期权在石油开发中的应用

Application of Real Options in Petroleum Development

传统净现值法主要适用于不确定性很小的投资项目,不适用于如石油开发这种高风险的项目。文章介绍了一种新的评估方法:实物期权法。以石油开发为例,介绍了实物期权的模型及类型,并对该方法的的适用性做了简单评述。

The traditional net present value is mainly applicable in the investment projects with little uncertainty, but not for the high-risk projects like petroleum development. This paper introduced a new evaluating method： real options, as well as its model and types with petroleum development as example, and made simple reviews on its applicability.