钢铁污水TOT项目实物期权法定价案例研究  

Study on Pricing with Real Option Approach for Wastewater TOT Project of Steel-making Enterprise

作　　者：肖明[1] 张建红[2] 

机构地区：[1]北京科技大学经济管理学院,北京100083 [2]首钢技术研究院,北京100043

出　　处：《武汉理工大学学报（社会科学版）》2010年第1期62-66,共5页Journal of Wuhan University of Technology:Social Sciences Edition

基　　金：国家自然科学基金"基于模糊测度的钢铁产品环境影响评价理论与方法研究"(70672102)

摘　　要：结合钢铁污水TOT项目投资大,工期长,不确定因素多等特点,通过用Black-Scholes定价模型和二项式定价模型,分别进行实例分析,认为钢铁水务TOT项目融资中二项式期权定价模型是一种可资借鉴的评估经营权价格的方法,并简要分析了实物期权法的局限性和应用建议。It＇s very important to price the valuation of management rights of TOT project for right decision to invest TOT project. Considering with some traits in wastewater TOT project of Steel-making enterprise,such as huge investment,long term of construction and many uncertain aspects,analyzing a real case distinguishingly with Black-Scholes model and the binomial pricing model, this paper concludes that the binomial pricing model is a competent approach to price the valuation of management rights of wastewater TOT project for Steel-making enterprise. At last, it analyses the limitations of ROA（Real Option Approach） tersely and gives some advice.

关 键 词：污水TOT项目 实物期权定价法 Black—Scholes定价模型 二项式定价模型 

分 类 号：F2[经济管理—国民经济]