摘要
传统的现金流折现项目评估法由于没有考虑企业在项目投产后进一步决策的权利,可能会使企业错过应有的投资机会或承担不必要的投资风险。在引入放弃价值和放弃期权后,可以大大改善企业对投资项目的评估效果。同时,放弃期权对投资项目有着价值提升和风险规避的作用。
When use discount cash flow method (DCF) which fails to consider the decision-making right after the investigation of a project, to do project evaluations, enterprises may miss investment opportunities or undertake unnecessary investment risk. This article tries to use an example to reveal the significance of abandonment option in project evaluation. That is, abandonment option can help enterprises explore potential investment value and reduce investment risk.
出处
《商业研究》
北大核心
2003年第23期121-123,共3页
Commercial Research
