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净现值法(NPV)是一种在许多国家广泛运用的投资评估方法。然而,这种方法是有其局限性的。为了使评估过程更先进合理,可以运用一种新的方法,实物期权的概念,来评估建筑工程的投资。通过2种不同方法分析同一个建筑工程投资案例,从而证明实物期权概念在评估一个投资项目时,是更精确和合理的。实物期权概念有其先进性,它把包含在投资中的买卖权视作是有价值的。因此,这是一种非静态而是动态的评估方法。用于建筑工程投资项目评估的实物期权方法就是运用布莱克-斯克尔斯期权定价模型(Black-Scholes-Merton pricing formula)。
The net present value method (NPV) is an investment assessment method widely used in many countries. However, this method has its limitations. In order to make the assessment process more advanced and reasonable, a new method, the concept of real options, can be used to assess the investment in construction projects. The same construction project investment case is analyzed in two different ways to prove that the concept of real options is more accurate and reasonable when evaluating an investment project. The concept of real options has its own advantages, and it treats the options contained in the investment as valuable. Therefore, this is a non-static but dynamic assessment method. The real options approach used to evaluate construction investment projects is to use the Black-Scholes-Merton pricing formula.