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and on the basis of real options but the price is
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of, of different investment opportunity have different information support, have for the risks and benefits of characteristics are different.Investors can make full use of this, effectively expansion project value.Moreover, can reduce the value of real options leaks.In the financial options, people often put the underlying assets dividend called value leakage presisely, dividend Canada Goose Jackets payment will reduce the value of the call options, improve the value of the option.And in real options, Amram&Kulatilaka (1999) will value is stated by leaks of cash to pay the rent, the income, insurance expenses, etc DuoZhong form of complex structure.Physical assets often valuable leaks, such as real option before implementation of natural growth happened cash flow, convenience Canada Goose Sale benefits do not determine the cash flow, resulting in the real option accrued during, the change of the underlying assets value can greatly affect the value of the project.Investors can fully grasp this, adjust pricing model, improve the value of the project.(3), the real options analysis adopting binary tree option pricing model, can according to all types of physical assets complex Canada Goose Sale and losses pricing.Financial option pricing theory is based on the asset of mark of use and the risk-free asset portfolio construct reception equivalent of the premise, basically have Black-Scholes pricing model and binary tree option pricing model two kinds.Real option pricing theory is in financial option pricing thought form development, and as the physical assets of uniqueness and Canada Goose Outlet investment of the complexity of the project, the analysis of real options are often adopting binary tree option pricing model.Compared with the traditional NPV method, especially for both is based on the future cash flow estimates, and on the basis of real options but the price is based on dynamic replication mathematical thought made, not subjective certain, can be more from empirical Canada Goose Jackets to inspect, and the more can explain the actual investment behavior.Specifically, real option pricing model of the advantage is that: first, can be used in most of the real option pricing, can avoid riskless portfolio;Second, the use of the financial markets in input amount and the basic rules, do not need according to individual investors the risk preference of folded in half now rate Canada Goose Uk for the correction.Third, specific lists the uncertainty and/or decision of the results, while retaining the discount cash flow form, have better practicability.Real option in the field of project investment is a revolution, it will financial options theory effective used in project investment and strategic decision, avoid the NPV method in the investment decision-making grasp of the defects Canada Goose Parka in the investors consider again at the same time in investment in the process of dynamic role.In addition, the real options that uncertainty have options, and the greater the uncertainty, the greater the put value, so as to better explain the economy of the main body of the project inv Canada Goose Coats
