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针对传统的净现值法应用中的缺陷日益显露,基于电网投资的特点,引入了实物期权法,给出了电网投资中实物期权法的一般步骤,采用B-S模型与净现值法分析了电网建设过程中的不确定因素,并采用分阶段投资期权模型对投资项目做了进一步研究。结果表明,实物期权法更准确,估价结果更符合电网投资的实际价值,为正确作出风险投资决策提供了指导。
According to the characteristics of grid investment, this paper introduces the real option method, gives the general steps of the real option method in grid investment, and uses the BS model and net present value method to analyze the power grid The uncertain factors in the process of construction, and using a phased investment option model for further research on investment projects. The results show that the real option method is more accurate and the valuation results are more in line with the actual value of grid investment, which provides a guide for making correct decision on venture capital.