摘要
目前学术界普遍欣赏用实物期权分析法为项目投资做战略决策而对净现值法批评颇多 ,重新审视这两种方法 ,找出实物期权分析法的利弊 ,对不足之处加以改进 ,将给高层管理人员为新项目投资做战略决策提供一种可行的分析工具。同时让投资者了解实物期权分析法到底对哪些行业更为适用。
At present, quite a lot of scholars prefer real option analysis (ROA) rather than net present value (NPV) to make strategic decisions for new investment. In this paper,both theories are studied in a new way. The purpose of this study is to point out both advantages and disadvantages of ROA, and then some improvements come into being to make it a more convenient tool for decision makers. The result shows that when ROA is more efficient, investors can use ROA rationally to make a strategic decision.
出处
《商业研究》
北大核心
2004年第15期141-145,共5页
Commercial Research
关键词
实物期权
投资决策
净现值
商机
real option
net present value
strategic decision
risk
commerce opportunity
