摘要
研究了三阶段投资项目中,投资比例对项目总价值的影响和关键因素对投资阈值的影响问题。描述了复合实物期权的基本思想,参照Ottoo的研究思路,调整了投资时刻与投资比例的前提假设,分析了三阶段的投资比例的问题,并进行了数值计算,对关键因素进行了敏感性分析,得出了三阶段最佳投资策略。
The author studied three-stage investment ratio problem and problem of influence of key factors on threshold value in real option investment in this paper. Taking multi-period investment of decision-making as an example, the author described the basic ideas of real option theory. Then according to Ottoo＇s researches result, the author changed the assumption condition of time ＆ ratio of investment, analyzed the problem of investment ratio of three-stage in real option investment, conducted numerical calculation, made sensitivity analysis and concluded some intuitive and applicable results.
出处
《价值工程》
2015年第4期4-5,共2页
Value Engineering
基金
国家产业振兴与技术改造项目
陕发改投资[2013]984
关键词
投资管理
分阶段投资
实物期权
最优比例
technical improvement
multi-period investment
real option
optimal ratio
