管理期权在投资决策中的应用探讨

Study on Application of Managerial Option in Investment Decision-Making

传统决策方法忽视了对项目未来状况把握的灵活性 ,管理期权正好具有这种灵活性 ,它更真实地分析项目的全过程的变化因素以及项目之间的影响 ,更重视从市场角度来考虑项目价值。三类典型期权 :扩张 (或收缩 )期权、放弃的期权。

The traditional methods of decision making neglect the flexibility of the project, and never ready to control the future changes, which are often happened in the real world. The managerial option can make good use of the flexibility. It can analyzed the influences of future uncertain situations, thus to evaluate the fair value of the project. Three kinds of typical managerial options are expand (or shrinkage) option, abandon option, and postpone option, each of them have flexibility with different features.