实物期权在航运企业船舶投资决策中的应用  

The Application on Real Option in Shipping Investment Decisions

作　　者：施丽华[1] 余思勤[1] 

机构地区：[1]上海海运学院,上海200135

出　　处：《世界海运》2003年第6期16-17,共2页World Shipping

摘　　要：航运业是一个具有特殊风险的行业,然而传统的船舶投资决策却总是忽略不确定性对投资价值的影响。将实物期权运用到航运企业船舶投资决策中,运用布莱克-舒尔斯的期权定价公式,得出含有实物期权的投资价值和一般的投资价值,定量地分析了不确定性对投资价值的影响,使船舶投资价值与决策相一致,最终使航运企业获得最大的投资收益。Shipping industry is one with special risks, and the traditional investment decisions of the shipping enterprise always ignore the influence of uncertainty. This paper applies the real options to the above investment decisions, and uses the Black-Scholess option pricing model to obtain the investment value which includes the real options, then analyses the influence of uncertainty, thus the shipping invertment value could be consistent with the decision, and the shipping enterprise could make the maximize profits.

关 键 词：实物期权 航运企业 船舶投资决策 不确定性 投资价值 

分 类 号：F550[经济管理—产业经济]