期权理论在投资决策中的应用

Application of option theory to investment decision-making

针对传统投资决策在投资项目中具有灵活性时很难进行定量分析的问题 ,讨论了将投资项目的灵活性作为一种能够较为准确计价的期权 ,运用布莱克 -舒尔斯期权定价模型对这种灵活性进行了估价 ,解决了传统投资决策方法依赖项目的净现值而对诸多实物期权价值只能凭主观判断的缺点 ,使投资决策突破传统方法的束缚 ,增加了投资决策的合理性 .

Taking aim at the problem that the quatitative analysis of the flexibility of investment projects is very difficult when the traditional methods of investment decision-making are adopted, the flexibitity of investment projects is regarded as a sort of option capable of being precisely evaluated and the Black-Schole Option Prieing Model is employed to estemate that flexibility so that the weakness brought about by traditional method o investment decision-making, where the net present value of projects is taken as unique determinant whereas the value of physical options are assessed ony subjectively, can be avoided, making the ties of traditional method broken and the reasonableness of investment decision-making increased.