Research Of Application Of Real-options Approach

The real-options approach is an important thought approach concerning taking the gauge of value and making strategy policy. The real-options is objective and popular. The naissance of the option theory can identify the price of every kind of opportunity and mobility that make people couldn't estimate accurately before, then evaluate and take the gauge of the decision quantitatively, and this is a big leap that the mankind know the complicated indeterminate world. From theory significance, the option theory is one of the most great discovery of economics and management science kingdom on the 20th century. That understanding, researching and applying the option theory, use the new thought mode to solute the decision problem, is social inevitable trend nowadays of knowledge economy society.The real-option can be used as a kind of thought approach to guide investment decision, provided with extensive application value in the real object. To expatiate real-options' commonly procedure, concrete manipulation means and many problems regarded. It introduces to the people systematically a kind of thought approach in the investment decision process, make the decision maker be good at digging the latent investment value of the item. As our country' enterprisers and investment bankers don't real-options approach basically, we hope to not only quicken instinctive course, let most managers accept naturally real-options approach from conception, thought means, quantitative analysis and so on, but also popularize the thought means and summarize commonly feasible step in the process of manage investment decision.Real-options' practical application is this article's emphases that have a few realistic means. The article is organized into four parts. Part one (chapter) introduce procreant history background and development track of real-options approach producing, expatiate-on real-options' basic concept, types, comparison between this approach and some other price approach.Part two researches systematically real-options approach's application scope, pricing, commonly procedure and many problems regarded, present evaluating approach choose and option types' judging standard, analyses parameter's identity, deduce binomial option valuation model. It narrates several options' calculation, thought and application range.Part three goes on analyses with exemplification. This article deals with some practical problems according to real-options valuation approach. Every case illuminates one important issue, and concludes other points of application. By analyzing these cases, we can find out some rules to solute real-options practical problems.Part four points out wide real-options application foreground in our country. We should pay attention to it's localization and some latent problems in our special circumstance.