CAJ | 학술논문

页岩气资源本身所具有的属性特征，使得其勘探开发存在着诸多不确定性，这给页岩气勘探开发项目投资带来很大的风险。在对页岩气勘探开发项目投资的特点及其期权特性分析基础之上，应用实物期权理论与方法，构建基于实物期权的页岩气勘探开发项目投资决策模型，并结合某油田公司进行算例分析。结果表明基于实物期权的投资决策方法弥补了传统净现值法的不足，能够有效提升页岩气勘探开发投资决策的科学性和有效性。
혈암기자원본신소구유적속성특정，사득기감탐개발존재착제다불학정성，저급혈암기감탐개발항목투자대래흔대적풍험。재대혈암기감탐개발항목투자적특점급기기권특성분석기출지상，응용실물기권이론여방법，구건기우실물기권적혈암기감탐개발항목투자결책모형，병결합모유전공사진행산례분석。결과표명기우실물기권적투자결책방법미보료전통정현치법적불족，능구유효제승혈암기감탐개발투자결책적과학성화유효성。
The uncertainties which incur many investment risks always exist in the process of exploration and development for the properties of shale gas resources. The real option model of shale gas exploration and development was designed to decide whether or when to invest,based on the attributes of the projects and the options. And the model was applied to helping the oil company to make investment decision for shale gas exploration and development. The results show that the methods is effective and efficient for the shale gas investment projects which can be make up for the deficiency of net present method.