研究了三阶段投资项目中，投资比例对项目总价值的影响和关键因素对投资阈值的影响问题。描述了复合实物期权的基本思想，参照Ottoo的研究思路，调整了投资时刻与投资比例的前提假设，分析了三阶段的投资比例的问题，并进行了数值计算，对关键因素进行了敏感性分析，得出了三阶段最佳投资策略。%The author studied three-stage investment ratio problem and problem of influence of key factors on threshold value in real option investment in this paper. Taking multi-period investment of decision-making as an example, the author described the basic ideas of real option theory. Then according to Ottoo's researches result, the author changed the assumption condition of time & ratio of investment, analyzed the problem of investment ratio of three-stage in real option investment, conducted numerical calculation, made sensitivity analysis and concluded some intuitive and applicable results.
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