Evaluation Model for Petroleum Investment Project Based on EVA Volatility Analysis
Xu Xuena1,Wang Zhijun2,Li Yong3
1.School of Business,Ludong University,Yantai 264025,China; 2.Financial Office,China National Petroleum Corporation,Beijing 100011,China; 3.School of Economy and Management,Yantai University,Yantai 264005,China
Abstract：With the growing competition and accompanying risk in operating environment of modern oil market,companies are required to focus on risk-oriented investment decisions while maintaining value creation.Based on the basic requirement of enterprise strategic decision-making,EVA as a core index is added into the investment evaluation.On this basis,EVA-based decision making is organically integrated with real option analysis method.Furthermore,empirical analysis of the model shows that this model not only measures strategic oriented value creation situation of future cash flows,but also effectively solves management flexibility concerning variable volatility,reflecting both value of information and value of flexibility.As a result,investment decision analysis during the whole process is achieved,which is of great significance for oil companies to optimize decision-making and enhance enterprise value in the long run
许学娜,王之君,李 勇. 基于经济增加值波动性分析的石油投资项目评价模型[J]. 中国科技论坛, 2015(9): 148-153.
Xu Xuena,Wang Zhijun,Li Yong. Evaluation Model for Petroleum Investment Project Based on EVA Volatility Analysis. , 2015(9): 148-153.
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