实物期权在石油勘探投资项目中的应用

Application of real options in petroleum exploration investment projects

石油勘探项目的投资规模大、投资期限长,具有可延迟性、可选择性等特点,实物期权方法更适合计算项目的隐含收益。在阐述B-S模型对石油勘探项目的适用性和局限性的基础上,对B-S模型进行修正,以达到更加适用于石油勘探项目的目的。最后将NPV、B-S模型以及修正后的B-S模型应用于石油勘探项目,为决策者提供更多的意见和建议。

Since the petroleum exploration projects are characterized by large scale and long term,and the investment can be delayed and selective,the method of real options is more suitable to calculate the implied income.B-S model＇s applicability and limitations of the petroleum exploration projects are elaborated on.Based on that,the B-S model is modified.Finally,NPV,the B-S model and the modified B-S model are applied to the petroleum exploration projects,which can provide more opinions and suggestions for the decision makers.