基于实物期权的“小灵通”的投资价值分析方法

在传统项目价值评估方法的基础上,分析了小灵通市场价值的构成和来源.进而采用实物期权法,在考虑未来3G牌照的基础上,对小灵通的价值进行重新评估.得到了小灵通在短期内不能帮助固话运营商收回投资,但从长期来看却可以帮助固话运营商抢得获取3G移动牌照的筹码,从而带来稳定收益的结论.该结论也从侧面揭示了企业是经济体的本质,当社会利益与企业利益发生矛盾时,固话运营商会不惜以阻碍产业发展为代价,利用技术落后的小灵通,以图获取自身的价值.

Analysis of PHS' Investment Value Using Real Options

The structure and source of PHS' market value was analyzed by traditional project value evaluation.Real option method was used to reevaluate the PHS market value in consideration of the 3G license in the future.It is concluded that although the PHS could not help the Fixed Phone Operators(FPOs) to gain the investment return in the short term,it still could help to acquire the 3G license of mobile phone and bring stable income in the long run,o indicating that the essence that an enterprise is an economic en...