清洁能源发电项目投资决策的实物期权模型及其应用

Ideas of Model and Application of Real Option on Clean Energy Power Generation Project Investment Decision

由于理论方法的假设与实际情况往往存在差异,传统DCF分析方法具有本质缺陷。同时,清洁能源发电项目投资具有很高的不可逆性、不确定性、竞争性和可持续发展特性,因此传统DCF分析方法不太适合清洁能源发电项目投资决策。基于此,本文提出了在清洁能源发电项目投资决策中引入实物期权的思路,并初步讨论了清洁能源发电项目投资的实物期权模型及其与企业策略相结合的方法。

There are many limitations in application of traditional DCF method because of the differences between the hypotheses and practical situations. Otherwise, irreversibility, uncertainty, rivalrousness and sustainable development are key characteristics of clean energy power generation project. Thus traditional DCF method is not so applicable to clean energy power generation project. The ideas of introducing real option to clean energy power generation project investment decision are given, and the integration of real option model of clean energy power generation project investment decision and corporation strategy is discussed roughly.