对比了上述三种实物期权价值与传统净现值的差异。
The paper compares the difference of previous three real option values with the conventional net present values (NPV).
企业在不确定条件下相机决策的能力具有实物期权价值。
The ability of making contingent decisions under uncertainty makes the value of Real Option.
对影响煤炭资源实物期权价值的主要因素中的利率变化和价格波动进行了分析。
It analyzes the main factors of interest rate changing and price fluctuating that influences the real option value of the coal resource.
作者在比较传统价值评估方法与实物期权价值评估计算差异后，提出实物期权评估创业企业价值的总体思路。
After comparing the difference between the traditional evaluating methods and real option method, the framework to evaluate the start-up firms with real option is put forward.
随后，实物期权被广泛运用于资本预算和价值评估领域，相比传统的资本预算模型（DCF）具有无比优越性。
Subsequently, real option is widely exercised in capital budgeting and value evaluating and shows tremendous superiority compared to the traditional capital budget model(DCF).
本文认为，企业并购价值识别的内容应当包括“资产型”、“协同效应型”和“实物期权型”价值源以及它们的性质状态。
We have found that the content of the discernment should contain assets type, synergy effect type, real options type source of value and their properties and status.
由于实物期权并非免费获得，决策者必须在其获得成本与期权价值之间进行权衡，因此实物期权的定价问题就显得尤为重要。
But the real option is not free, investors must consider their cost and option value, so it is very important to pricing real option.
实物期权方法是近年来兴起的一种价值评估方法，适用于评估具有经营灵活性和战略成长性的项目。
Real option approach is rising in recent years. We can value the project of management flexibility and strategy growth by real option approach.
并购附加价值分别由实物期权理论方法、由改进的折现现金流法和专家打分法计算和分配。
The additional value can be computed by real option theory methods, calculated by improved discounted cash flow method and allocated by specialist marking methods.
其次介绍了实物期权理论、博弈论和企业价值评估和定价理论的研究现状；
Secondly, the section actual situation of real option, game theory and price theory.
本文针对煤炭储量的价值评估引入了实物期权方法，弥补了传统方法中的不足。
Based on assessment of value for reserve of coal Thesis bring forward the method of real option, Pointing out the imperfections of the traditional methods.
在企业并购过程中，采用实物期权法对企业的特许经营权价值进行评估。
The real option method is used to evaluate the value of operating concessions given to corporations in the process of the merger and acquisition of corporations.
将期权定价理论应用于度量实物期权的价值，是对传统财务决策方法的突破，使企业财务决策行为更为科学化、理性化。
So measuring value of material option by pricing theory option is a break-through method and can be more scientific and reasonable.
接下来又介绍了实物期权的方法对创业投资项目财务价值评估的意义。
The fifth part introduced in real option approach to the venture capital project finance value appraisal significance.
在非对称信息条件下，实物期权经营者对于项目价值信息隐匿，这是一个具有逆向选择的委托代理问题。
The operator of real options hides the item value information under asymmetry information. It is a principal_agent problem having the converse selection.
传统NPV项目价值评估方法(净现值法)需要利用实物期权方法进行修正。
Traditional project valuation method NPV needs to be corrected by Real Option method.
分拆上市作为企业的战略决策，包含了实物复合期权，因此使得分拆本身更具价值。
As a strategic decision, the equity carve-out contains compound real options, which enhances the value of itself.
实物期权作为在不确定性条件下的投资决策提供了一种前摄性方法，强调不确定性下管理柔性的价值。
The real option allows a proactive approach to investment decisions in conditions of uncertainty, emphasizes the value of the managerial flexibility under uncertainty.
经过研究还发现，实物期权模型能较好的对高科技企业进行价值评估。
The research also finds that real option model works well, when we use it to asses the value of a high-tech company.
实物期权思维方式规避了不确定性带来的消极影响，创造了更多的机会价值，形成新的房地产投资决策思想。
The real option method would avoid the negative consequences resulting from uncertainties and create more opportunity value, thus forming new investment decision-making approach.
目标企业自身的价值由传统的折现现金流法计算，并通过实物期权理论调整。
The value of objective corporation itself can be calculated by traditional firm valuation methods and then adjusted by real option theory.
研究表明实物期权方法对生产外包决策是一种好工具，能够有效地估计外包的期权价值。
We show that real options approach is a useful tool to (evaluate) the value of production outsourcing, which will help the outsourcing decision.
实物期权法在矿权价值评估中的实际应用则是对传统的矿权价值评估方法的改进。
Real options method is introduced in practices of mining right evaluation, in fact it improves the traditional mining right evaluation method.
详细分析了石油勘探所具有的实物期权特性、原油价格波动模型以及储层参数和经济因素不确定性对勘探项目价值的影响。
The real option traits of a petroleum exploration project, oil price movement model and the influence of technical and economic parameters on the value of an exploration project were analyzed.
第二部分，包括第2，3两章，研究企业并购中目标企业价值确定的实物期权方法。
The second part, include 2 and 3, is the study on corporate valuation using the real option theory.
而实物期权则考虑了项目的内外部环境变化时投资者能采取的相应决策，较好地反映了项目的真正价值。
However, real option reflects the genuine value of the project because it takes corresponding measures made by the investors into account while the environment of the project varies.
因此，把实物期权的定价理论与它的实际应用结合起来研究就有重要的理论价值和现实意义。
Therefore, applying the real option pricing theory and its practical application to research has important theory value and practical significance.
实物期权是一种来自于金融衍生工具的新理论方法，正逐步广泛地应用在投资决策、财务管理、价值评估领域。
Real option, as a new theoretical approach, derived from finance option theory, was gradually applied to such fields as investment decision making, financial management, and value assessment.
实物期权，是一种金融衍生工具，于二十世纪八十年代末逐步广泛地应用在投资决策、财务管理、价值评估领域。
Real option, derived from finance, was gradually applied to such fields as investment decision-making, financial management, and value assessment.
实物期权，是一种金融衍生工具，于二十世纪八十年代末逐步广泛地应用在投资决策、财务管理、价值评估领域。
Real option, derived from finance, was gradually applied to such fields as investment decision-making, financial management, and value assessment.
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