实物期权法在电力建设项目财务评价中的应用

The Application of Real Option to Power Project Evaluation

实物期权是在金融期权发展过程中演变而来的,它将金融期权定价理论应用于实物投资决策分析方法和技术中,是一种新型决策工具。本文考虑到电力建设项目不确定性,将实物期权理论运用到电力建设项目财务评价中,在对具体电力建设项目评价分析中,与传统的净现值法相比较,实物期权分析法可以根据未来可能会出现的各种情况制定管理方案,同时考虑项目的战略投资价值,使建设项目的价值尽可能地显现出来,以使投资者的投资决策与项目运行的客观实际情况比较一致。

In this paper, a power project is evaluated by using traditional NPV approach and a result of evaluation is got. From the consideration of how to improve the veracity of the financial evaluation, the real option theory is expounded and applied in that specific project evaluation, a large risk value or strategic value of the project can then be gotten. At the base of contast of the two approaches, the significance of using real option approach in power projects are demonstrated. Finally, some suggestions for reference are offered.