BOT项目实物期权评价方法研究综述.pdf

313 大连理工大学学报( 社会科学版) Vol. 3 1, No. 3 2 0 1 0 9 Journal of Dalian University of Technology ( Social Sciences) Sept. 2 0 1 0 BOT 刘 宁, 戴 大双, 吴海 西 ( , 116024 ) : 文章通过对国内外 BO T 项目实物期权 价方法文献的系统回顾与分析, 总结了传统 价方法的特征与不 足, 分析了实物期权方法的优势, 重点 述了BO T 项目的扩展期权推迟期权和收益保障的看跌期权等单一实物期权 价方法, 以及收益保障的看跌期权分别同扩展期权放弃期权组成复合实物期权 价方法, 总结两类期权的特点及存在 的问题, 提出了未来研究的方向与建议 : BOT ; ; ; : F 224 . 5 : A : 100 8407X( 2010) 0300 3406 eview on eal Option for BOT Proj ects LIUNing, DAI Dashuang, WUHaixi ( School of Management, Dalian University of Technology, Dalian 116024 , hina ) Abstract: T hr ough syst e at ical review and analy sis of relev ant literat ur es on real opt ion et hods f or BOT ( buildoperat et ransf er ) project s , t his paper su ar iz es t he characteristics and def iciencies of t he t radit ional e v aluat io n et hodo logy, and analy ses t he advant ages o f real optio n et hods . It focu ses on t he review of t he sin g le real o pt ions fo r BOT pr oject s including puts optio n o f r evenue assur ance, ex pansion opt io n and abandon ent opt ion , and t he co pound real options co posed o f put s o pt ion o f revenue assurance, ex pansion o pt ion and abandon ent option separ at ely. A nd furt her t he paper su arizes t heir characterist ics and f law s respectively. F inally, t he direct ions and sug gest ions ar e pr esent ed f or fut ur e st udy on t he real o pt ion f or BOT projects . Key words: BOT ; real o pt ion ; co po und real opt io ns ; evaluat ion et hod , [ 1] [ 2]