基于实物期权法的项目经济评价研究

Research on the Project Economic Evaluation Based on Real Options

介绍了利用实物期权法进行项目经济评价的原理和特点,并采用Black-Scholes定价模型进行了案例分析.和传统的通过计算项目的净现值进行项目投资决策的方法相比,实物期权法充分考虑了项目不确定条件下的灵活性价值,从而进一步保证投资决策的科学性.

Principles and characteriatics of the project economic evaluation are presented based on real options. Black-$choles＇ pricing model is employed to analyze an evaluation case. Compared with the tradition al method of decision-making based on the net present value, randomicity factors are taken into account suf ficiently in real options. Consequently, the investment decision-making will be more rational.