Trigeorgis consider that real options include growth option, defer option, switch scale option, abandon option and switch option trigeorgis认为实物期权包括增长期权、延迟期权、改变运营规模期权、放弃期权和转换期权。
Based on a supposed case, section four addresses the basic types of real options such as deferred options, expanded options, contracted options, abandon options, switch options and so on 第四节结合一个假设案例,简要说明实物期权的基本类型,有延迟投资期权、分期建设期权、扩张期权、收缩期权、停(启)期权、放弃期权、转换期权、企业增长期权等等。
From theory, this thesis offers a new real options analysis frame based on integration of the real option theory research of these days . from method, we have applied the financial option models to evaluate the real-options existing in real investment projects, we focus on exercising the existing models and analyze what shortcomings are there when we do so . after that, we offer a new model to evaluate the switch options improved on option pricing theory, in this empirical research, we replace labour force cost with daily wages 本文从理论和方法两个方面展开:由于实物期权的概念是由金融期权引申而来,所以在理论方面,首先分析了金融期权的内涵,并综合目前实物期权理论研究的成果,提出了一个完整的实物期权分析框架。方法上,除了运用目前存在的金融期权定价模型来评估一些实际存在的投资计划,还在期权定价理论的基础上针对转换期权建立了一个模型并计算它的价值。
In this paper, several real options used in project investment pricing---deferral option, abandonment option, extending or shortening option-- are analyzed before more complex option pricing methods like compound option and switching option are discussed . also several ways to solve the project investment pricing problems are suggested 从着重分析项目投资中的几种实物期权(延期期权,放弃期权,扩张或收缩期权定价)开始,引伸到更复杂的复合期权和转换期权的定价问题,并给出了解决这类问题的一般途径。