Research, Strategic Investment Appraisal Method Based On The Combination Of Real Options

In the recent years, the research of Real-options on asset investment and management has largely developed, especially in the application on evaluation and capital budget,Which provides enterprisers with a new path for controlling the uncertainty.The main content of this paper is to study the evaluating method of compound real-options, in order to find a useful method to solve the evaluation of strategic investment, which will enrich the investment methods under uncertainty and do help to the decision making in strategic investment. The paper consists of three parts.The first part mainly focuses on the basis theory study on investment, points out that the traditional methods don't suit for the evaluation of strategic investment. How to recognize the real-options and evaluate the compound valuation is the key problem, and frame the research path in this part.The second part offers the method on compound real-options evaluating. By analyzing the phenomenon that non-tradable assets can't evaluate the options by constructing the combination of replicated asset such as financial option, with the amendatory model of real-option, it amends the traditional capital budget model;On the base of qualitative analysis in the interaction between double compound real-option, the paper advanced double real-option additivity estimating model , then established the application frame of compound real-option in strategic investment evaluation; providing some reference value for the further research in multiple real-options method.On the basis of first and second part, the third part discussed the method's application in the strategic investment case, validating the evaluating method of compound real-options is practicably in the investment decision under uncertainty.