实物期权创造价值的实证研究

实物期权是将金融期权的原理应用于企业经营管理中，使决策者可以根据未来市场的情况安排和改变决策的选择权。因此，理论上来讲企业所拥有的实物期权肯定会为企业创造价值，这是传统企业评估方法所常常忽略的。本文以2001年以前上市的939家A股上市公司为样本，利用实证方法来检验实物期权为上市公司创造价值的功能。最后结论表明，在波动的外部市场环境下，实物期权能够为上市公司股东带来显著高的收益率，证实了实物期权创造价值的功能。

Empirical Study on Real Options and Shareholder Value Creation

Applying financial option theory to company management,real option gave the managers options for future market plan and decision modification.So it would absolutely create value for companies in theory,which always was ignored by traditional valuation theory.Taking 657 listed companies in China as samples,which appeared on the market before 2001,an empirical study was carried to verify the function of the value creation by real options.Finally the results showed,with highly flexibilities and under high unce...