简介: NPV= Fi/(1+r)i-I0 =100/(1+10%)+120/(1+10%)2+ 140/(1+10%)3+110/(1+10%)4+80/ (1+10%)5+60/(1+10%)6-500 =-46万元 下面求项目的期权溢价OP,3.4 按实物期权法进行投资决策 按实物期权理论分析该项目的实际价值, N(d2)=N(-0.530)=1-N(0.530)=1-0.6985=0.3015 OP=PN(d1)-I3e-R(T-t)N(d2) =450×0.5303-600e-5%×3×0.3015 =238.6-155.7=82.9万元 那么ENPV=NPV+OP=-46+82.9=36.9万元>