基于实物期权理论的电信新业务投资决策研究

Research on investment decision of new telecommunication service based on real option

摘要:

电信运营企业正面临着传统业务收入萎缩，电信新业务发展效率低下的困境，本文引入实物期权理论研究电信新业务的投资评估方法。论文首先分析了电信运营企业新业务发展现状及问题，其次总结了运用实物期权理论对电信新业务投资评估的可行性与优越性，最后构建了基于实物期权理论的电信新业务投资评估分析框架，并且以某电信新业务为例作实证研究。论文给电信运营企业新业务的开发投资评估提供科学方法及理论参考，使电信运营企业在新业务的开发与投资过程中，减少资源浪费，提高投资效率。

Abstract:

The telecommunication operator have been suffering from a difficult situation in which the revenue of traditional business have declined rapidly and the new telecommunication service haven't encountered satisfied growth. This paper induces the real option to give a new perspective of new telecommunication service investment evaluation. Firstly, this paper analyzes the situation and problem of new telecommunication service development. Secondly, It gives a summary for feasibility and superiority of the evaluation method used real option concept. Finally, an evaluation framework of new telecommunication service investment is illustrated. An empirical research which takes a new telecommunication service for example is also given in the paper. We aim to provide an alternative method and theoretical reference so that the telecommunication operators can develop the new telecommunication service more efficiently.