实物期权理论在投资决策中的应用

Application of real options theory in investment program

将实物期权这一新的适用于不确定状态下的投资理论引入国内电子行业,运用实物期权理论对翔成电子(东莞)有限公司的"PCB事业部"投资项目进行分析,得出了与用净现值方法分析完全相反的结论,我们可以看出用实物期权理论进行的分析更加合理。

In this paper,it introduces the theory of real options to domestic electronics industry,and uses this theory to analyze the ＂PCB Division＂ investment Program of Xiang Cheng Electronics（Dongguan） Co.Ltd..The paper makes a conclusion that it is opposite to the NPV.So we can found that the theory of Real Options is more reasonable.