The paper compares the difference of previous three real option values with the conventional net present values (NPV).

对比了上述三种实物期权价值与传统净现值的差异。

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The traditional investment decision methods, represented by Net Present Value method, compare the present values of expected income and cost stream to decide.

传统投资决策方法以净现值法为代表，通过比较预期收入流和费用流的现值来进行决策。

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Refusing to pay dividends, he says, leads to cash hoarding and chronic over-capitalization, leading mangers to seek out investment choices with lower and lower net present values, which is especially true given that any return looks good relative to the effective 0% returns now available on cash.

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