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。
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实物期权 小组。
小组 (5名成员)
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关于实物期权的最高评价的讨论主题。在这里你会找到最有价值的思路和切实可行的建议。
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关于Real Options（英语）的高级见解。在这里，您将找到专家的专业建议。
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有关实物期权的各种信息来源。在这里，您将找到Powerpoint，视频，新闻等可用于您自己的讲座和讲习班。
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比较： Scenario Planning[情境规划] | 信用风险管理 | Strategic Risk Management[战略风险管理] | PEST Analysis[PEST分析] | Analogical Strategic Reasoning[战略类推] | Root Cause Analysis[根本原因分析] | CAPM[资本资产计价模型] | Dialectical Inquiry[辩证探询法] | Plausibility Theory[可能性理论] | Theory of Constraints[约束理论] | Operations Research[运筹学]
返回到分类主页： 变革与组织 | 决策与评估 | 金融与投资 | 知识与无形资产 | 战略与策略
更多管理方法、模型和理论
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