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实物期权是金融期权在实体经济领域应用的拓展,可用于资产价值的评估和投资策略的分析。《实物期权评估指导意见(试行)》的颁布,开辟了评估业务的新方法和新思路。与金融期权相比,实物期权中参数的选取更为复杂,实际应用时也受到更多的限制。另外,评估对象的复杂性导致评估时可能涉及多因素标的资产上的复合期权,而非普通单因素标的资产上的单个期权。本文在比较不同期权定价模型适用条件的基础上,对模型中重要影响因素和参数的确定,以及多重复合实物期权定价方法的应用进行了探讨。
Real options are the expansion of the application of financial options in the real economy, which can be used to evaluate the value of assets and analyze the investment strategies. The promulgation of Guidance on Evaluation of Real Options (Trial) opened up new ways and new ideas for assessing business. Compared with financial options, the selection of parameters in real options is more complicated, more practical restrictions. In addition, the complexity of the subject of the assessment results in a composite option on a multivariate underlying asset that may be assessed rather than on a single, single-factor underlying asset. Based on the comparison of the application conditions of different option pricing models, this paper discusses the important influence factors and parameters in the model and the application of multiple compound real option pricing methods.