文献类型：期刊文献

中文题名：基于实物期权理论的企业信息系统建设项目投资决策

英文题名：Investment Decision of Enterprise Information Systems Project Based on Real Options Theory

作者：陈智高[1];应春[1];马玲[1]

机构：[1]华东理工大学商学院,上海200237

年份：2009

卷号：35

期号：1

起止页码：149

中文期刊名：华东理工大学学报（自然科学版）

外文期刊名：Journal of East China University of Science and Technology

收录：CSTPCD;;Scopus;北大核心:【北大核心2008】；CSCD:【CSCD2011_2012】；

基金：上海市科技发展基金研究项目(056921047)

语种：中文

中文关键词：实物期权;信息系统;投资决策;管理灵活性

外文关键词：real options; information systems; investment decision; management flexibility;

摘要：在实物期权理论的框架下,根据信息系统建设项目投资的特点,分析得出可以将系统建设的投资过程看成是含有多种实物期权的序列决策。在此基础上,利用二叉树方法建立单个实物期权单阶段的定价模型,以及多阶段复合实物期权的定价模型,以期为企业在投资建设信息系统时,做出更加科学合理的投资决策提供理论依据。
By introducing the real option theory into the decision of enterprise information systems investment, a real options analysis framework is proposed for the investment decision of information systems projects. According to life cycle theory, the investment process is divided into four stages, and the uncertainty factors that might exist in each stage are analyzed. And then, various kinds of real options embodied in these uncertainty factors are identified. By utilizing the binomial pricing methodology to establish a pricing model of multi-stage compound real options, this paper further gives the quantitative assessing method. Using the proposed real options analysis framework, this paper aims at providing more justified theoretical basis for enterprises when they make investment decisions in information systems construction projects.