| Along with the development of market economy, the deepening of Reform andOpening up in china, the risk and uncertainty in the operation of the national economicare constantly intensifying, especially on the initial investment, which size is huge andproject cycle is long. The problems in the operation of the project of coal mine investmentprojects contain high uncertainty. There are many defects to accurately assess projectvalue in the traditional estimating method. So we may consider using the real optionmethod to take the risk and uncertainty into potential option value and add it to thedecision of enterprise. It can largely enrich management flexibility and promote the valueof the enterprise.First of all, the paper studies the factors which the real option contains to create value:mark assets, risk and flexibility. Through the analysis of the three factors, the conclusionis that the reasonable use of the real option method can not only create value but alsoreduce the risk of the investment projects.Then, this paper introduces the traditional method-NPV method and its valuationdefects and draws out the real options valuation method. This paper focuses on analyzingseveral common estimating method of the real option, and discusses the application scopeof the valuation method, and analyses the different types of the relationship between thereal options.Introducing a fuzzy binomial option valuation method, through the empirical andcompared analysis of the specific investment project, the conclusion is that the investmentprojects are rigidly refused in the traditional estimating method still can be implementedwhen considering the real options case. In the process of the implementation of the project,there exists the classification comparison of the different types of options. Use the methodof fuzzy number to figure out the project investment value. It provides the reference of theenterprise decision-making management and the promotion enterprise’s value. |
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