实物期权在建设项目技术经济评估中的应用

Apply of Material Object Option in Assessment of Technology and Economy of Constructive Projects

采用传统的净现值(NPV)对建设项目进行技术经济评估,会使一些很有前途的建设项目胎死腹中,因为它忽略了管理者根据情况灵活决策的价值。这种灵活决策具有实物期权的特性,可以应用金融期权的理论对它进行价值分析,从而为建设项目的决策提供依据,也是从一个全新的角度对建设项目进行技术经济评估。

To use traditional net value NPV to make an assessment of technology and economy of constructive projects will make some good projects worse. This is because managers neglect its flexible strategy and tactics, which are of characters of material object option. The author thinks it can be analyzed by value in financial option theory. According to this way, we can have a new view of assessment of technology and economy of constructive of technology and economy of constructive projects.