基于期权理论的清洁生产技术投资价值评估

清洁生产作为人类防治污染的一种方法，是实现社会可持续发展的重要途径，对其技术投资价值进行科学合理评估，具有重要现实意义。通过分析清洁生产技术价值的影响因素，识别出清洁生产技术实施中含有期权特性，提出基于期权理论的投资价值评估方法。由于清洁生产技术是典型的美式期权，通常美式期权没有解析解，在建立欧式看涨期权布莱克-斯克尔期权定价模型（B-S模型）的基础上，计算美式期权与欧式期权的差值来变相求解美式期权的价值，对清洁生产技术的投资价值进行评估。案例分析验证表明，实物期权法对清洁生产技术投资价值评估具有合理性和实用性。

Cleaner Production Technologies Investment Valuation Based on Option Theory

Cleaner production is an important way to realize the social sustainable development as a method of prevention and control of human pollution. Scientific and reasonable assessment towards its technology investment would have important practical value. In this paper, the influence factors of clean production technology value are analyzed, and the clean production options feature is identified, it's contained in the implementation of technology. The investment value evaluation method based on the option theory is put forward. Because cleaner production technology is an typical American option, it usually has no analytical solution. Clean technology investment value is evaluated, based on the difference between value calculated American option and European option to solve the value of American option. Case analysis shows that the real option method to evaluate investment value of the cleaner production has both rationality and practicability.