投资机会期权价值的进一步研究

Further Research for Value of Investment Opportunity Option

投资决策会因项目的价值、成本支出及时间的变化而不同 .不确定性投资条件下的不可逆投资过程及投资机会的可延迟性 ,使得投资机会类似于美式看涨期权 ,其时间选择权具有价值 .在投资机会选择类似于金融期权的情况下 ,本文更完整地给出了投资机会价值的解析表达式 。

With changeable value, cost and time of the project, the investment decision making is different. Under uncertain condition, the process is not reversible and the opportunity may be delayed. It is similar to American style call option. Its timing option has value. Followed above, a more perfect numerical expression is supposed in this paper and also analyzed its applications in practice.