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Issue № 46. Oсtober 2014

Application of Real Options to Evaluate Investment Projects in Crisis Companies

Larissa A. Pokrytan, Nikita A. Krestjaninov

Larissa A. Pokrytan — Ph.D., Senior Lecturer, School of Public Administration, Lomonosov Moscow State University, Moscow, Russian Federation.
E-mail: la.pokrytan@mail.ru

Nikita A. Krestjaninov — undergraduate student, School of Public Administration, Lomonosov Moscow State University, Moscow, Russian Federation.
E-mail: 0908krestjaninovna@mail.ru

The article examines the advantages of using an optional method for evaluating investment projects in a crisis situation. This method takes into account the uncertainty of future events, giving a more accurate assessment of the investment project efficiency compared to the traditional method based on discounted cash flaw. The authors also analyze the specific features of anti-crisis investment projects. The article also provides an example of application of real options to the assessment of an investment project in a chemical industry enterprise, for which the delay option was identified and the project cost was defined taking into account the real option value calculated using Black & Scholes model.

Keywords

Investment project, the crisis, option, real options method, uncertainty, Black & Scholes model.

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