期权定价理论在企业项目投资估价中的应用

Discussion on the Application of Option Pricing Theory in Enterprises' Project Investment Evaluation

对传统项目投资分析方法的依赖可能造成企业项目投资价值被低估和投资不足 ,在信息技术迅速发展和信息处理成本骤减的情况下 ,企业项目投资分析中引入复杂期权定价模型处理的实物期权分析方法是一场革命。本文分析了项目投资估价实物期权分析方法的一般工作框架 ,在此基础上 ,根据项目特点和实物期权的特征来划分项目和实物期权的类型 ,同时对实物期权和金融期权的定价问题进行比较分析。

Underestimation and underinvetment of corporate projects may be resulted from dependency on the traditional analysis approach,therefore,real options' approaches deriving from the OPT sophisticated models is a revolution in present situation that information cost has declined for information technique development This paper analyzes the general framework of real options approach At the mean time,we also analyze the pricing of real options and financial option according to the type of project and option