| Along with the step of the world economy globalization speeding up,if the enterprises want to survive and develop for a long time in the intensely competitive and complex and changeable market environment,It must strengthen the validity of the strategic investment decision-making and competitive ability and its own value. Traditional NPV method can not fulfill this need. Therefore,it has the important theory value and the practical significance to seek strategy investrnent decision-making methods that suit new market environment.Option pricing theory is one of the greatest discoveries of finance in twenty. century. Its principle, its idea and method and conclusion can be widely used in analyzing managerial issues. When option theory applied in field of investment,it turns into real option theory. It not only enriched the connotation of the theory,but also provides a wholly new way of making risk investment decision for companies and individuals.At the same time investment under intense competition is demanding a more rigorous consideration. No matter in practical or theoretical aspects, new models should consider a rational strategic interaction between the players, that is, one plays action can change the action of another. The value of investment depends on the other player's reaction on the investment.This paper attempts to introduce real option theory and game theory into strategic investment decision-making. According to characters of the strategic investment, This paper makes the option pricing theory game theory and strategic decision-making become real collected. Flexibility is of great importance in strategic investment decision-making. Real option method provides a good way to estimate the value flexibility. Meantime, game theory provides a good method to estimate the strategy value of investment. On this foundation,an analysis method and program of strategy investment decision-making has constructed. Finally,this method is explained by a case. |
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