环境基础设施BOT项目实物期权模式决策

城市化水平的不断提高带动了城市环境基础设施需求的扩大，BOT融资模式可以解决政府环境基础设施投入不足的状况.BOT模式的不确定性加大了投资者决策的难度，实物期权模型能较好地反映不确定性因素对环境基础设施BOT项目价值的影响，有利于投资者做出决策.通过识别城市环境基础设施BOT项目中的扩张期权，应用Black-Scholse期权定价模型计算项目的期权价值，借助具体的案例，分析投资者的决策过程.

Decision-Making Model of Investment Based on Real Options for Urban Environmental Infrastructure BOT Project

The level of urbanization has continuously improved,which expands the need of the urban environment infrastructure.The BOT model can change the situation of insufficient investment of environmental infrastructure from the government.The BOT model uncertainty increases the difficulty of the decision-making of investors.Real option model can better reflect the influence of uncertainties to environmental infrastructure value of BOT projects,which is conducive to investors to make a decision.The paper identifies urban environmental infrastructure expansion options and applies Black-Scholse Option Pricing Model to calculate the options value of the BOT project.Through specific cases,the paper analyzes the decision-making process of investors.