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首页> 外文期刊>Journal of banking & finance >The odd notion of 'reversible investment'
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The odd notion of 'reversible investment'

机译：“可逆投资”的奇怪概念

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Irreversible investment and the attendant concept of real-option value have been well discussed. Complete reversibility has been frequently invoked but less studied, especially for the case of lumpy investment typically considered in capital budgeting. We examine a simple lumpy investment problem for the full range, from complete irreversibility to completely reversibility, with a focus on the latter. The optimal stopping rules under complete reversibility are to invest when the project generates enough net cash flow to cover Jorgenson's opportunity cost of investment and to disinvest when it does not. Given the static nature of these rules, net present value as a timing criterion under reversibility is not pertinent. Investments that are partially reversible have much in common with completely irreversible investments but nothing in common with completely reversible investments. The case of reversible investment provides a foil for understanding that the distinguishing feature of investment as treated in corporate finance is that it entails at least some irreversibility. (C) 2016 Elsevier B.V. All rights reserved.
机译：不可逆转的投资和伴随的实物期权价值的概念已经得到了很好的讨论。完全可逆性经常被调用，但研究较少，特别是对于通常在资本预算中考虑的块状投资的情况。我们研究了从完全不可逆到完全可逆的整个范围内的简单块状投资问题，重点是后者。完全可逆性下的最佳停止规则是：在项目产生足够的净现金流量以支付Jorgenson的投资机会成本时进行投资，而在项目没有产生净现金流时进行投资。考虑到这些规则的静态性质，将净现值作为可逆性下的时间基准并不重要。部分可逆的投资与完全不可逆的投资有很多共同点，但与完全可逆的投资则没有什么共同点。可逆投资的情况为理解公司财务中投资的显着特征在于它至少具有某些不可逆转性提供了障碍。 （C）2016 Elsevier B.V.保留所有权利。

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