可无限延期实物期权的定价模型

丁正中     曾慧

（浙江工商大学 浙江杭州 310035）

摘要： 本文在传统的风险投资决策方法---净现值（）法的基础上，引入可无限延期实物期权的概念，建立了它的定价模型，并藉此确定了风险投资项目的最佳执行点，增加了风险投资项目决策的可靠性和科学性。

关键词：风险投资；可无限延期实物期权；无套利原理；最佳执行点

中文分类号：F830.9      文献标识码：A

 

          The pricing model of the infinitable deferring real option

Ding Zheng-zhong      Zeng Hui

( Zhengjiang Gongshang University, Hangzhou 310035, China )

Abstract:Based on the NPV-method, we introduce the infinitable deferring real option and establish it’s mathematical model. By this model, the optimal exercise point of the venture project investment can be calculated , thus the reliability and science of the venture project investment can be improved .

Keywords: venture investment; infinite deferring real option；no-arbitrary principle; optimal exercise point