什么是实物期权? 释义
在公司面临不确定性的市场环境下,实物期权的价值来源于公司战略决策的相应调整。 每一个公司都是通过不同的投资组合,确定自己的实物期权,并对其进行管理、运作,从而为股东创造价值。 实物期权法应用金融期权理论,给出动态管理的定量价值,从而将不确定性转变成企业的优势。
最初用金融期权理论来审视战略投资的想法源于Timothy A. Luehrman发表在哈佛商业评论上的两篇文章: 《视投资机会为实物期权:从数字出发》(Investment Opportunities as Real Options:Getting Started on the Numbers,1998年7-8月刊)及 《实物期权投资组合战略》(Strategy as a Portfolio of Real Options,1998年9-10月刊)。 在后一篇文章中,Luehrman写道, “用金融观点来看,企业投资更似一系列的期权,而不是稳定的现金流”。
实物期权的应用。 优点
当价值评估包含进一系列显著的不确定因素时,实物期权的不确定性、灵活性和可调整性则具有巨大的价值, 因此,实物期权法的运用非常重要。 即便是对于一般性的战略决策,实物期权也必须融入战略投资的考虑范畴。
实物期权的公式 演算
实物期权用到的主要公式是Black-Scholes期权定价模型, 期权的价值由以下各变量决定:
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失效期(期权期限)。
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不确定性程度。
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获取期权的成本。
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与一次性付清相比,潜在的现金流损失。
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无风险利率。
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未来现金流的预期现值。
通过将这些变量因素引入决策过程,实物期权法使企业能够将不确定因素转变为企业优势,同时将投资风险限定在一定范围内。
实物期权 小组。

小组 (5名成员)
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