论实物期权理论在电子商务投资中的应用-金融学专业论文.docx

AbstractE-Comme玎ce Abstract E-Comme玎ce induStry haLs grown r印idly in recent yearS，、7l，hich generated more锄d more demalld for finaIlcial aSsessments．However，够eCommerce inVes缸Ilent haS 骶mendous ullcenain吼its n0 longer appropriate t0印ply蛔ditio砌evaluation methods，such as Net Presem V．alue(NPV)method t0 eCommerCe evaluation．The most importam tlle reason is t11e cost spent on website(1evelopmem锄d website promotion is i玎eVersible，uIlce慨my h印pens d嘶ng tlle courSe of investment． Accordingly，tlle inVes矗em strategy must be flexible enough t0 accommodate锄y uncertainty．Thditional evaluation memods caIl’t deal wim the possibili锣of uIlcertainty aIld ineVi讪ly underestimate eCommerCe inves缸nem projects；鹊a result， tlle inVeStors missed a lot of invesnTlent opportunities． Real option is based 0n finaIlcial option tlleo巧；it makes up for t11e disadvaIltages for 们ditio腿l i11vesnnent decision-mal(ing strate缈Real option combines invesnIlem decision‘making with market eValuatioll， and掣硼ually becomes an important aIlalysis tool for decision．maI(ing uIldcr uncertain够Each tiIlle a11 investor catches a business chance to illVest in aIl eCo蛐nerce p叫ect，tlle challce c觚be tal(eIl as aIl 0ption。锄Am耐caIl帅e option，wIlich c锄be applied at a11y time．Ⅲs p印er firstly discussed the meamng of real option，mong丽t11砥t)，pe arld evaluation metllods， based on tllis，the paper studied tlle featurcs of eCommerce illvestment．Finally，by elaborating锄eCon蚰erce inVestIIlem ca辩，t11e paper combined theo巧and caSe study together，researChed me eValuation model aIld st印s，provided龃imlovative way for eCommerce irⅣestInent evaluation． Key Wbrds：eCommerce inVestment eValuatioIl，Net Present Value，Re酊optioll， Decision．making 4 蔡敏 蔡敏 论实物期权理论在电子商务投资中的应用 目录 摘要 3 Abstract ．．4 1 绪论 ．．j ．． ．．7 1．1研究的背景 7 1．2 国内外已有研究成果回顾 8 1．3 本文的研究意义 j 11 1．4研究的方法和结构 ． ．12 2 投资决策分析理论 15 2．1净现值法 ．15 2．2实物期权分析法 ．15 2．2．1实物期权的概念及分类 ．．16 2．2．2实物期权的特征及优势 ．．’ 17 2．2．3实物期权计算方法及分析步骤 ．．22 3 电子商务项目评估分析 ．．24 3．1 电子商务的概念 ．．．．24 3．2 电子商务投资特点 ．．27 3．3 电子商务常规评估法 ． ．．2