基于实物期权的投资战略决策方法及应用

Real-option-based Investment Strategy Decision-making Method and Its Application

针对DCF法评价投资项目的不足 ,特别是对灵活性具有价值无能为力的情况下 ,从一个全新的角度引入了实物期权理论。通过实物期权理论与DCF法的对比 ,充分显示了实物期权理论在不确定环境下进行投资战略决策的优越性。

In allusion to the deficiency of DCF’s method in evaluating investment project, especially in the event of inefficient flexible evaluating to actual value,this paper introduces real option theory in a completely new viewpoint. In contrast to DCF’s method,real option fully reveals the advantage of investment strategy decision-making in uncertainty environment.