基于实物期权理论的新能源汽车技术项目经济评价

Economic Evaluation of New Energy Vehicle Technology Project Based on Real Options Theory

新能源汽车技术项目是具有很大的不确定性,此项目不易评估,而传统的折现现金流法又不能满足新能源汽车技术项目的要求。因此,本文引入实物期权方法来评估该项目,增加了投资决策的合理性和可信任性。利用实物期权方法可以对不确定性进行分析,减少风险的同时,增加该项目的战略价值。

The new energy vehicle technology project has a great deal of uncertainty, so this project is not easy to assess. The traditional discounted cash flow method can not meet the requirements of the new energy vehicle technology projects. Therefore, this paper introduces the real options approach to evaluate the project, so as to increase the rationality and credibility of investment decisions. Real options approach can be used to analyze its uncertainty and reduce the risk, at the same time increase the strategic value of the project.