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传统的资本预算是以现金流贴现(DCF)及在此基础上的决策树和Monte Carlo模拟方法为基础的,随着Black和Scholes的期权定价理论的出现并由Myers(1977)将其用于实物投资决策而形成了资本预算的实物期权方
Traditional capital budgeting is based on cash flow discount (DCF) and the decision trees and Monte Carlo simulations based on it. With the advent of Black and Scholes’ option pricing theory and by Myers (1977) In-kind investment decision-making and the formation of the capital budget real options