基于期权思想的项目投资决策

传统的NPV法隐含着项目投资的可逆转性、不可延缓性、及一次性孤立决策的假设前提，忽视了项目的经营柔性。而期权定价理论正好可以用来突破这些局限性。因此，将其引入项目投资决策过程，就企业项目投资所面临的延缓期权、创造期权、经营柔性期权退出期权等实物期权做了揭示，从而形成了一种更合理的项目投资决策方法。

PROJECT INVESTMENT DECISION-MAKING BASED ONOPTION PRICING THEORY

The method of traditional Net Present Value(NPV) is widely accepted in project investment decision|making. But it is based on some unreasonable assumption, such as unreversibility, undeferrability, and it also neglects the operating flexibility. In this paper, the option pricing theory is used to improve all these deficienceies, and a more reasonable model is formulated to evaluate the optional opportunity in project investment.