根据现代期权理论将投资决策机会视作一种期权 ,当投资价值 (V)和初始支出 (C)是随时间变化的维纳过程时 ,根据 Black- Scholes公式给出投资机会的定价模型 .当 V和 C是 H(H≠ 1/2 )指数的分数布朗运动时 ,则 Ito微分方程形式将改变 ,Black- Scholes公式失效 .讨论了 H指数对投资决策的影响 ,给出此时根据 H指数的投资决策的步骤和策略 According to the modern option theory, the investment decision-making opportunity is regarded as an option, and the pricing model of the investment opportunity is given according to the Black-Scholes formula when the investment value (V) and the initial expenditure (C) are Wiener processes over time. V and C are H (H ≠ 1/2) exponential fractional Brownian motion, the form of Ito differential equation will change and the Black-Scholes formula fails. The influence of H-index on investment decision is discussed. Investment decision-making steps and strategies