InP-based photonic circuits Comparison of monolithic integration techniques Optimization of passive【DOC精选】.doc

?Close preview??|?? Related articles??|??Related reference work articles???? AbstractAbstract | Figures/TablesFigures/Tables | ReferencesReferences Abstract This paper applies real options theory to overseas oil investment by adding an investment–environment factor to oil-resource valuation. A real options model is developed to illustrate how an investor country (or oil company) can evaluate and compare the critical value of oil-resource investment in different countries under oil-price, exchange-rate, and investment–environment uncertainties. The aim is to establish a broad model that can be used by every oil investor country to value overseas oil resources. The model developed here can match three key elements: 1) deal with overseas investment (the effects of investment environment and exchange rates); 2) deal with oil investment (oil price, production decline rate and development cost etc.); 3) the comparability of the results from different countries (different countries oil-investment situation can be compared by using the option value index (OVI)). Chinas overseas oil investment is taken as an example to explain the model by calculating each oil-investee countrys critical value per unit of oil reserves and examining the effect of different factors on the critical value. The results show that the model developed here can provide useful advice for Chinas overseas oil investment program. The research would probably also be helpful to other investor countries looking to invest in overseas oil resources. Article Outline 1. Introduction 2. Literature review 2.1. Real options 2.2. Investment environment 3. Model 3.1. Valuation of overseas oil reserves 3.2. Oil-investment option model 3.3. Evaluation of the investment–environment multiplier 3.4. Critical value of oil-reserve investment 4. Evaluation of Chinas overseas oil-investment activity 4.1. Data preparation 4.1.1. Country selection 4.1.2. Tax, exchange, and interest rates 4.1.3. Oil-production costs 4.1.4.