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实物期权是许多单项和整体资产价值的重要组成部分。上世纪七十年代以来,由于期权定价理论研究的突破,以及掌握实物期权概念和期权定价方法的业内人士越来越多,实物期权评估在投资决策等领域有越来越广泛的应用。随着我国知识产权战略的实施和文化产业的发展,为合理分析高科技企业和无形资产等特殊收益形式资产的价值,特别是文化产业中相关资产的价值,实物期权的评估日渐重要。为引领和规范注册资产评估师执行与实物期权相关的评估业务行为,中国资产评估协会制定了《实物期权评估指导意见(试行)》,于2012年7月1日起施行。为了帮助行业内外理解该指导意见,促进指导意见的实施,本刊特别邀请该项目负责人对指导意见制定的重要意义和主要创新点进行了介绍,对难点进行了解析,供读者参考。
Real options are an important part of many individual and overall asset values. Since the seventies of the last century, due to the breakthroughs in the research of option pricing theory and the increasing number of people in the industry who master the concept of real options and option pricing methods, the evaluation of real options has become more and more widely used in investment decision-making and other fields. With the implementation of our country’s intellectual property strategy and the development of cultural industries, in order to reasonably analyze the value of high-tech enterprises and intangible assets such as special income-type assets, especially the value of related assets in cultural industries, the evaluation of real options becomes more and more important. In order to guide and standardize the appraisal of registered assets by real estate investors, China Assets Appraisal Association has formulated the Guidance Opinion on Valuation of Real Options (Trial), which came into effect on July 1, 2012. In order to help the industry understand the guidance and improve the implementation of the guidance, the journal specially invited the person in charge of the project to introduce the significance and major innovations of the guidance and make an analysis of the difficulties for readers’ reference.