实际期权。实物期权。
实物期权的背景是将

金融期权估值的

法运用于项目投



投

策略和投

时

的选择权估值。这种

法

金融期权的定价思路衍生而来
实物期权(Real Option)的概念最初是

麻省理工学院(MIT)的Stewart Myers (1977) 提出来的。实物期权是相

于金融期权来说的,如果今天的一项投

赋予投

者在未来进一步选择的权利而不是义务,那么这项投

就含有实物期权。
Myers指出,一个具有未来

会的投


案的价值,来自于目前所拥有

产的使用所产生的现金流,再加
欧 路 软 件版 权 所 有