基于障碍期权理论的船舶投资决策

分别运用传统净现值法（NPV）、实物期权法（ROA）以及基于下降敲出障碍期权理论的实物期权法（BOP）评价船舶投资项目.实证分析结果表明，运用ROA与BOP得到的船舶投资项目价值大于运用NPV得到的项目价值；运用BOP得到的船舶投资项目价值小于运用ROA得到的项目价值，因为障碍期权较标准期权要求的初始期权费要低.
This paper evaluated the ship investment project respectively with the traditional net present value method (NPV), the real option method (ROA) and real option method with a down-and-out barrier feature (BOP). Empirical analysis shows that the ship investment project with ROA and BOP has a greater value than that with NPV, and the ship investment project with BOP has a lower value than that with ROA, because barrier options have lower prices than ordinary options.