双标的期权在IT项目组合定价中的应用研究

The application research of two-assets real option method on pricing combination IT projects

项目组合价值评估是企业投资决策中的难点。传统的净现值法(Net Present Value,NPV)和单标的期权等评估方法不能充分反映出企业投资决策中所具有的灵活性。在净现值法和期权定价的基础上,分析双标的期权应用于评估IT项目组合的可行性,进一步提出评估IT项目组合价值的双标的期权方法。最后通过算例对比说明了没有考虑到子项目之间相互关系,而用单标的期权单独评估的方法,倾向于低估IT项目组合的价值。

Valuing the project portfolio is more difficult in enterprise investment and decision. The traditional valuation methods such as the Net Present Value（NPV） method and one-asset option,which can＇t adapt the project investment under uncertainty. Based on the NPV methods and one-asset option, lead into the concept of the two-assets real object option and apply to two-assets real option method valuing combination IT project. At last, compare through the case examples, if take no account of the correlation between sub-project but evaluate alone,it as a result wills under-estimation the value of the whole project.