期权定价理论在风险投资项目决策中的拓展

On the Expans ion of Option Pricing Theory in the Decis ion-making of Risk Inves tment Project

由于传统的风险投资决策方法NPV法不能对未来投资的变化作相应的灵活调整,因而在某些应用领域具有一定的局限性。通过引入期权定价理论,一方面使得传统的核心方法NPV法有用武之地,同时克服了其缺陷,较好地解决了风险投资决策中不确定性因素的问题。

The traditional decision-making NPV method of risk investment is of a few limitations in some practical domains,due to its non-adaptability to the changes of the future investment.The application of option pricing theory can not only make the NPV method more useful and overcome its defects but also solve the problem of uncertainty factors in risk investment decision.