一、实物期权的概念及应用背景所谓实物期权,是指在不确定条件下以期权的概念来定义的实物资产投资的现实选择性,反映了企业进行长期资本投资的现实选择权,同时也反映了企业进行长期投资决策时拥有的,能根据在决策时不确定的因素改变投资行为的一种权利。根据实物期权在实际应用中的特点,可分为延期型期权、放弃型期权、扩张型期权、收 First, the concept of real options and the application background The so-called real options, refers to the uncertainty under the conditions of the concept of options to define the actual choice of real assets investment reflects the real option for long-term capital investment enterprises, but also reflect A right owned by an organization to make long-term investment decisions that can alter its investment behavior based on uncertainties in the decision-making process. According to the characteristics of real option in practical application, it can be divided into deferred options, abstention options, expansion options, income