实物期权在厂商污染治理技术投资策略中的应用  

Application Study on Manufacturer' Pollution Treatment Technology Investment Decisions Based on the Real Option

作　　者：孙卫[1] 管晓岩[1] 

机构地区：[1]西安交通大学管理学院,西安710049

出　　处：《系统管理学报》2007年第3期279-281,290,共4页Journal of Systems & Management

基　　金：国家自然科学基金资助项目(7027302170573073)

摘　　要：由于在排污权交易条件下选择污染治理技术的自由留给了厂商,如果因污染治理技术投资而节省的费用大于购买排污权的费用,则厂商就会选择污染治理技术投资,因此,厂商需要进行污染治理技术投资策略的选择。基于实物期权理论建立了排污权交易条件下厂商污染治理技术投资策略模型,并给出了厂商污染治理技术投资的最佳时机。Under the condition of tradable emission permits, the manufacturer has rights to choose the technology of pollution treatment. If the manufacturer spends more in pollution treatment investment than in buying the emissions permits, he will choose to invest the pollution treatment technology. Therefore, the manufacutrer can make the decisions of the technology of pollution treatment. Based on the real option theory, the paper sets up the manufacturer＇pollution treatment technology investment decision model under the condition of tradable emissions permits, and provide the optimum time of manufacturer＇ pollution treatment technology investment.

关 键 词：排污权交易 污染治理投资 实物期权 

分 类 号：F276[经济管理—企业管理]