实物期权研究的回顾

Review on Real Option Research

中文关键词:  期权  实物期权  不确定性  不可逆性  市场结构  资源约束

英文关键词:Option  Real Option  uncertainty  irreversibility  market structure  restraint of resources

中文摘要:

      实物期权是相对金融期权来说的,它是指在实物投资中,投资者进行投资是基于其所具有的一定的权利,而不是义务。学者们对其研究是按照对影响投资决策的因素的不同假设来进行的。实物期权理论主要用于土地与自然资源估价及其开发决策、企业价值的评估、并购方式的设计、企业投资决策、R&D的投资决策、高科技项目的评估等。

英文摘要:

      The history of research on Real Option is discussed in details in this paper. First, the concepts such as Option and Real Option are briefly introduced. Then, it reviews the research on Real Option theories and models, which are based on such different assumptions as uncertainty, irreversibility, product market structure, restraint of resources, etc. Finally, this paper reviews the research on the practical applications of Real Option theory in the evaluation of land and other natural resources, the enterprise investment decision-making, the R&D decision-making, the evaluation of Hi-tech projects, and the corporate capital structure.