?????:Real Option?????

1
?????Real Option?????

• ???????????????????
• 1.Pay-Off ???????
• 2.Option?????
• 3.????(?????????????)
• ???? ???????
• ?? ???? 2011.10
• ?????

2
REAL OPTION ?????????(RO??????????????)
3
1.Pay-Off ???????
??????????????????(????) ?1.????????????
????????????? ????????? ?2.?????????????
?????????RO?? ????????? ???? ????
4
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5
??????????(??)(???????)
6
?????????????
7
CDFNPV ???(??)
8
RO????
9
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