The method of real options is one of the new approaches to estimate investment projects’ cost and it is an important addition to discounted cash flow method. Real option significantly increases the efficiency of the project due to the possibility of decision-making during its implementation. This aspect is especially important in unstable environmental conditions. The main differences between the financial and real options are presented. The differences of valuation of investment projects by the real options method and net present value are examined. The article presents the types of real options, as well as the methods of calculating the option price.
real options, business valuation, investment projects, binomial model, Black-Scholes model, managerial flexibility, uncertainty, company’s strategy.
В условиях нестабильности макросреды перед стратегическим менеджментом все более остро встает вопрос прогнозирования будущей деятельности организации. Наиболее часто применимым методом остается метод чистого денежного потока (NPV), однако он подвергался критике еще в 70-х гг. прошлого века [16].
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