| 数字电路生产项目投资决策的实物期权分析 |
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| 引用本文： | 张业圳,胡日东.数字电路生产项目投资决策的实物期权分析[J].集美大学学报(哲学社会科学版),2008,11(1):29-35. |
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| 作者姓名： | 张业圳 胡日东 |
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| 作者单位： | 1. 华侨大学,商学院,福建,泉州,362021;福建师范大学,经济学院,福建,福州,350007
2. 华侨大学,商学院,福建,泉州,362021 |
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| 基金项目： | 福建省自然科学基金项目(2006J0210)，福建省教育厅哲学社会科学研究项目(A)类(JA060685)的部分成果 |
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| 摘 要： | 运用实物期权方法分析了存在即期收益数字电路生产项目投资价值和最优投资时机，指出投资规则中应当包含期权价值，即期收益提高了投资的临界水平并赋于了投资期权更大的价值，并通过比较静态分析得到一些对投资决策有一定指导意义的结论。
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| 关 键 词： | 不确定性 数字电路 实物期权 投资决策 |
| 文章编号： | 1008-889X(2008)01-29-07 |
| 修稿时间： | 2006年12月26 |
Real Option Analysis of the Investment Decision in Digital Circuit Production Program |
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| ZHANG Ye-zhen,HU Ri-dong.Real Option Analysis of the Investment Decision in Digital Circuit Production Program[J].Journal of Jimei University (Philosophy and Social Sciences),2008,11(1):29-35. |
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| Authors: | ZHANG Ye-zhen HU Ri-dong |
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| Institution: | ZHANG Ye-zhen, HU Ri-dong ( College of Business, Huaqiao University, Quanzhou 362021, China; School of Economics, Fujian Normal University, Fuzhou 350007, China) |
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| Abstract: | This paper applies real option method to analyze the value and optimized investment timing of digital circuit production program with immediate proceeds.It points out that investment principles should include the value of option,and that immediate proceeds enhance the critical level of investment and the value of investment option.By comparative static analysis,this paper draws some conclusions of guiding significance for investment decisions. |
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| Keywords: | uncertainty digital circuit real option investment decision |
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