Options, the Value of Capital, and Investment
指出企业投资决策需考虑未来扩张或收缩能力受限，并将这些机会视为期权，分析它们如何影响投资激励、不确定性作用以及与q理论的关系。
Capital investment decisions must recognize the limitations on the firm's ability to later sell or expand capacity. This paper shows how opportunities for future expansion or contraction can be valued as options, how their valuation relates to the q theory of investment, and their effect on the incentive to invest. Generally, the option to expand reduces the incentive to invest, while the option to disinvest raises it. We show how these options determine the effect of uncertainty on investment, how they are changed by shifts of the distribution of future profitability, and how the <it>q</it>-theory and option pricing approaches are related.