利用实物期权方法对投资项目进行评估

Evaluating Investment Projects by Applying Real Option

传统的项目价值评估方法NPV没有考虑投资机会和管理柔性的价值,因而无法准确评估某些项目的价值。而实物期权评估方法能有效评估管理柔性的价值。文章介绍了实物期权的种类、计算方法以及各自适用的范围,然后用一个实例将一个投资项目分别看成一个欧式和美式期权,分别计算其价值,以此说明如何利用实物期权方法进行项目的评估,从而得出美式期权的价值大于欧式期权的价值的结论。

The traditional evaluating method NPV doesnt consider the value of investmem chance and managerial flexibility, so this method isnt suitable for evaluating the value of some projects. The real option can appraise the value of the above mentioned managerial flexibility. In th＇s paper, the categories of real option, the way of computation and the suitable scopes are introduced. Then an example is given to iUustrate how to calculate the respective value of European real option and American real option of an investment project. A conclusion is leached that the value of American real option is bigger than that of European real option.