考虑PLC和市场结构的实物期权投资决策  

Investment Decision Based on Real Options Allowing for Product Life Cycle & Market Structure

作　　者：刘涛[1] 章贤军[2] 陈忠[1] 

机构地区：[1]上海交通大学安泰管理学院,上海200052 [2]浙江财经学院金融学院,杭州310012

出　　处：《武汉理工大学学报》2005年第8期102-104,共3页Journal of Wuhan University of Technology

基　　金：高等学校博士点科研基金(20020248020)

摘　　要：应用实物期权方法探讨投资决策问题,提出了一种同时考虑产品生命周期和市场结构的分析模型。研究表明,不确定程度越大、产品生命周期越长、企业垄断力越强、折现率越低则实物期权价值和投资临界值越高,导致最佳投资点延迟。A real options approach was applied to analyze optimal investment decision. A model that incorporated the product life cycle as well as market structure was introduced. It is shown that the value of real options and the investment threshold will be higher and thus the optimal entry time of the investment will delay when the uncertainty is larger, the product life is longer, the market power is larger or the discount rate is lower.

关 键 词：投资决策 实物期权 产品生命周期 市场结构 

分 类 号：F830.59[经济管理—金融学]