CAJ | 학술논문

本文基于对跨国投资项目特点的分析,同时考虑产品价格、生产成本和汇率对投资价值的影响,构建了基于实物期权理论的投资评价模型。对传统期权定价模型进行扩展,使之更适用于跨国风险投资项目,进而可明确分析价值波动率与多个不确定因素之间的相关性。实例分析表明,与传统期权模型相比,考虑了多不确定因素的扩展模型将更有助于把握投资机会、选择投资时机。
본문기우대과국투자항목특점적분석,동시고필산품개격、생산성본화회솔대투자개치적영향,구건료기우실물기권이론적투자평개모형。대전통기권정개모형진행확전,사지경괄용우과국풍험투자항목,진이가명학분석개치파동솔여다개불학정인소지간적상관성。실례분석표명,여전통기권모형상비,고필료다불학정인소적확전모형장경유조우파악투자궤회、선택투자시궤。
Based on the analysis of the features of multinational investment, the concept of uncertainty, consisting of commodity price; operating cost and exchange rate,is introduced to real option valuation model. Thus the traditional real option model is expanded to better adapt to the transnational venture capital projects so as to clarify the relativity between the value volatility rate and the multiple uncertainties. As is revealed in case studies, compared with traditional option models, the extended model under multiple uncertainties will insure the investors better investment opportunities.