实物期权在rd项目投资决策中的应用-application of real option in r d project investment decision - making.docxVIP

THEAPPLICATIONOFREALOPTIONSINRDINVESTMENTDECISIONABSTRACTResearchanddevelopment(RD)isthedrivingforceofenterprisedevelopmentandeconomicgrowth.Enterprisesarefacinganimportantdecision-makingofRDprojectinvestment,thusseekingareliableandefficientmethodofinvestmentdecision-makingisrelatedtothesuccessofRDproject.Inpractice,thetraditionalnetpresentvaluemethodiswidelyusedformostinvestmentdecision-making.Asaclassicalcapitalbudgetmethod,netpresentvaluemethodshowsitssuperiorityinthefinancialevaluationoftheproject.However,therealityofinvestmentenvironmentwithalotofcomplexanduncertainfeatures,howtoconsiderthesecomplexanduncertainfactorsindecisionisahotspotoftheoreticalstudies.Realoptiontheoryandmethod,asanewprojectevaluationmethod,isthedevelopmentandimprovementofthetraditionalinvestmentdecision-makingmethods,betterabletodealwithuncertainty,extendthetheoryandmethodthatevaluateopportunitiesforinvestmenttransactionsinfinancialmarketstotheproductmarket,accordingtotherandomuncertainchangesindecision-makingtomakeflexiblechoiceofinvestmentorabandontheinvestment,bettermakechoiceofresourceallocation,whichcanchangethestructureofmanyindustriesandpromotetheseindustriestoimprovebusinessdecisions.FromtherealityofRDinvestmentdecision,thisarticlefocusontheapplicationofrealoptiontheoryinRDinvestmentdecisioncombiningrealoptiontheoryandgraysystemtheory,establishedthedecision-makingmodelbasedontheintervalgraynumber,andappliedthemodelinRDprojectinvestmentdecisions,whileusingthenetpresentvaluemethod,theresultswerecomparedbetweenthetwo,whichshowthatrealoptionmodelcanbetteraddresstheinvestmentenvironment,thecomplexityanduncertainty,sodecision-makingresultsaremorereliable,therebyimprovingtheefficiencyofdecision-making.Thispaperconsistsoffivemajorparts,thefirstpartisanintroductionfortheopeningofthepapers,themethodologyoftheresearchbackground,purposeandsignificance.PartIIandPartIIIisdividedintotheoreticalintroductionchapter,usingthemethodofcomparativeanalysisofthetraditionalinvestmentdecision-makingmethods