| 实物期权法在油气勘探开发决策中的应用 |
| |
| 引用本文： | 冯永志,查道林. 实物期权法在油气勘探开发决策中的应用[J]. 地质科技情报, 2006, 25(5): 80-83 |
| |
| 作者姓名： | 冯永志 查道林 |
| |
| 作者单位： | 1. 中国地质大学,研究生院,武汉,430074
2. 中国地质大学,财务处,武汉,430074 |
| |
| 基金项目： | 湖北省人口资源环境研究基地基金 |
| |
| 摘 要： | 在分析传统决策方法,即净现值(NPV)法所存在缺陷的基础上,论述了实物期权法的原理及其适用性.油气勘探开发项目投资大、周期长、风险高,具有典型的期权特征,传统的净现值法由于没有考虑期权的存在而无法评估油气勘探开发项目的真实价值.实例证明实物期权法由于包含了各种期权价值而更适用于油气勘探开发项目的评估,有利于油气勘探开发项目的正确投资决策.
|
| 关 键 词： | 实物期权法 油气勘探开发项目 决策 |
| 文章编号： | 1000-7849(2006)05-0080-04 |
| 收稿时间： | 2006-05-23 |
| 修稿时间： | 2006-05-23 |
Application of Real Option Approach in the Oil-Gas Exploration and Development Decision |
| |
| FENG Yong-zhi,ZHA Dao-lin. Application of Real Option Approach in the Oil-Gas Exploration and Development Decision[J]. Geological Science and Technology Information, 2006, 25(5): 80-83 |
| |
| Authors: | FENG Yong-zhi ZHA Dao-lin |
| |
| Affiliation: | a. Graduate School;b. Financial Affairs and Management Department, China University of Geosciences, Wuhan 430074, China |
| |
| Abstract: | This paper states real options principle and its applicability on the basis of analyzing the blemish of traditional net present value(NPV).Oil-gas exploration and development projects are characteristics of long periods,large investments and risk,which have some typical options.Traditional NPV method can not evaluate oil-gas exploration projects accurately for it does not concern options.The example proves that real option approach,including the price of options,is more useful in the oil-gas exploration projects evaluation and can help to enhance accuracy of decision-making of the oil-gas exploration and development projects. |
| |
| Keywords: | real option approach oil-gas exploration and development project decision-making |
| 本文献已被 CNKI 维普 万方数据 等数据库收录！ |
|
