戰(zhàn)略性投資決策中的實際選擇權(quán)問題研究.pdf

1、戰(zhàn)略性投資決策中的實際選擇權(quán)問題研究作者：于寰指導(dǎo)教師：劉志遠教授南開大學(xué)國際商學(xué)院_1Jr’p彳j召SZR4eZStrategicinvestmentdecisioninfluencesontheoverallconditionofcorporations’strategicmanagementMeanwhileitwilldeterminethefutureofcorporationsThecompetingenvironmentt

2、hatcorporationsfacedischangingrapidlyandletscorporationsinthecontinuallychangingconditionSOthatrealoptionsinthecorporations’strategicinvestmentaremoreimportantthanbeforeWhentheconventionalnetpresent—value(NP功ruleisusedin

3、theassessmentofstrategicinvestmentdecisionsitignorestheexistenceofrealoptionsThatisnotfavorabletomaketherightandeffectivedecisionMoreandmoreresearchersareconcernedwithhowtoputtherealoptionsconceptionintotheassessmentofst

4、rategicinvestmentdecisionsSo。ltrytodiscusstheproblemofstrategicinvestmentbasedonrealoptionsandhopethatth&articlewillbeusefultothestudyofstrategicinvestmentdec&ionquestionsinourcountryAccordingtoforgoingthinkingtherearefo

5、urchaptersinthisarticle：ThefirstchapteranalysesthecompetingenvironmentThentheinfluenceoftheenvironmentontheconceptionofinvestorsiSstatedanditiSconcludedthatinvestorsmustdealwiththeuncertaintyinstrategicinvestmentsflexibl

6、yandobjectivelyThesecondchapterintroducesthefundamentalconceptionsaboutrealoptionsThP甩basedontherealoptionsbasicproblemssuchasfeaturesandclassificationsofcorporations’strategicinvestmentdecisionsarediscussedThethirdchapt

7、erconcludesthatDCFmethodisntfit加revaluatingofstrategicinvestmentdecisionsInthisparttheinfluenceofrealoptionsontheresultofdecison’sevaluationandthemethodofrealoptions’evaluationarediscussedandsel，PralexamplesarestatedInth

8、ediscussionoftheevaluationmethodofrealoptions歷lj口，ticle口nalysesanddiscussesthisproblembasedonthemodeloffinancialoptionsThPlastchapterintroduces口v&wpointthat口strategicinvestmentismuchlike口seriesofoptionsAuthorstatestheapp

9、lyingoftheframeworkaboutlinMngNPVmethodandoptionpricingmodelinthestrategicinvestmentandhowtouseth&dynamic搠ethodtoexecuterealoptionsreasonablyAttheendofthischapterthecurrentconditionofstrategicinvestmentdecisionofourcount