双标期权在IT项目组合定价中应用研究_许祥秦.pdfVIP

企业信息化 2008 1 IT , , (, 710072) : ( N et Present Value, NPV ) , IT , IT , , IT : ; IT ; ; : TH 16 : A : 1671 3133( 2008) 01 0045 04 The app lication research of twoassets real op tion m ethod on pricing com b ination IT p rojects Xu X ian q in, Zen L in w e,i Zhao Ron zhe ( School ofM ana ement, Northw estern Polytechn icalU niversity, X ian 710072, CHN ) A bstrac t: Valu in the project portfolio is m ore d ifficu lt in enterprise investment and decision. The trad itional valuation m ethods such as the Net Present Value( NPV) m ethod and oneasset option, wh ich cant adapt the project investm ent under uncertainty. Based on the NPV m ethods and oneasset op tion, lead into the concept of the twoassets real object option and apply to twoassets real option m ethod valuin com b ination IT project. At last, com pare throu h the case exam ples, if take no account of the correla tion betw een subproject but evaluate alone, it as a resu ltw ills underestmi ation the value of thew hole project. K ey w ord s: Twoassets real options; IT comb ination project; Subproject; Pricin , ) [ 3] Taudes( 1998) ( 2005) [ 6] ( IT ) , , IT , ( 2005) [ 7 ] IT , IT IT , IT , , IT IT , [ 1] , , (N et Present V alue, NPV ) , , [ 2] , , , IT