实物期权理论及其在企业投资决策中的应用分析-real option theory and its application in enterprise investment decision - making.docxVIP

实物期权理论及其在企业投资决策中的应用研究项目的期权特性·······································································……··项目的实物期权评价方法……···············································……应用实例···························································································……实物期权方法在新技术投资中的应用····················································……新技术投资项目的期权特性····························································……新技术投资的实物期权评价模型···················································……突发事件对新技术投资评价的影响·················································……实物期权方法应用的局限性及我国企业实现实物期权定价的困境·····……·········································结论……································································‘……参考文献············································································································……················································································································致谢……附录攻读硕士学位期间发表论文目录·····，················································……才硕士学位论文摘要，，，随着市场竞争的日益加剧新技术发展的日新月异企业经营环境不断发展变，，、，。化要求企业实时动态地对待面临的风险与不确定性正确选择投资方向合理，，。控制投资规模灵活调整投资方式不断地改变投资决策传统的企业投资决策评，价方法主要是净现值法它适用于评估短期内的确定型的投资项目但它无法很，好地运用灵活性策略指导人们处理投资中的不确定性问题存在很大的缺陷及不足。，、之处。，我国企业的投资效益普遍比较低下除了体制方面的因素之外投资思路决。，，策方法的落后是另一个重要原因引入新的管理思想和技术是解决上述矛盾的一，个关键本文通过引入“实物期权”的思想对传统的项目投资评价方法进行修正。。，。为项目投资决策分析提供了一种新的手段本文首先在第一章介绍了本文的研究背、、，景目的意义以及对相关的文献进行了综述然后探讨了实物期权理论接着，，探讨了从实物期权看企业投资决策指出了传统投资决策方法的缺陷与不足之处。一。从而引入实物期权方法来进行评价最后本文将实物期权理论应用到企业投资决。，策中包括期权定价模型在企业战略投资决策中的应用它能使那些在传。统决策方法一「难以量化的战略因素在决策时得到恰当的评估能够有效地提高决策。的科学性和准确性二项式模型在企业投资决策中的应用该方法以二项，。式无风险套利定价方法与决策树方法为基础将项目的决策框架与整个公司的，，战略结合起来使得决策过程更符合决策者的思维习惯实物期权方法在新技。术投资中的应用在充分分析了新技术投资的特点和投资的不确定性基础上应用，。实物期权理论和方法建立了新技术投资决策模型并分析了突发事件对新技术投资，，评价的影响为新技术投资提供了一种更为客观的投资评价方法通过引入实物期，。，，权方法来评估企业投资决策克服了传统投资评估方法的缺陷与不足使得企业投、资决策评估方法更加科学更加有效同时指出了实物期权方法应用的局限性。并分析了我国企业实现实物期权定价的困境关键词企业投资决策期权定价实物期权法了实物期权理论及其在企业投资决策中的应用研究一一，一一，又又又，，’，，’，，，，，，，，·印月移，，，，，一，一、，一，，，免夕硕士学位论文山伪一舒，，一，，一一，叮’‘、一尸硕士学位论文’第章绪论、研究背景目的及意义、，企业投资决策是企业决策者根据企业的发展规划以及国家经济建设的方针，，。政策烤虑与投资项目有关的各种信息采用科学分析的方法对投资项目进行，技术经