实物期权分析在IT投资决策中的应用

The Application of ROA in the Valuation of IT Project

对NPV法和实物期权方法进行简单比较,可以看出NPV方法在评价具有不确定性、不可逆性和时机选择特点的项目时存在不足之处。建议使用实物期权方法评价这类项目。

This paper gives a simple comparsion between the NPV method and ROA method.As a result,some shortcomings about NPV are pointed out and a suggestion of using ROA to valuing uncertain and irrevisible projects is provided.In the meantime,the paper discusses a log-transformed binomial model.In the end,a procedure of making decision on the investment is provided and an example is given.