企业战略投资的期权研究

The Option Pricing Research of Strategic Investments in Corporations

首先分析传统方法在评价不可逆可延迟战略项目方面存在的弊端,然后运用实物期权理论对战略投资建立投资决策模型,通过对模型的分析来衡量项目投资与否,并确定最佳的投资时机.最后用实例检验各种参数对模型结果的影响.

Using the theory of real option, we set up a model of decision for irreversible and cyclic investment. After analysis, the model will tell us invest or not, and when is the best time to investment. At the end of this paper, the writer uses the pratical examples to examine the parameters' impact to the model.