在其撰写的论文中首次提出实物期权的概念，认为在对具有较大未来不确定性的

First proposed the concept of real options in their written papers that at the time of business investment projects with greater uncertainty about the future conduct of the valuation, the use of potentially profitable traditional DCF model does not project the uncertainty brought about by the the opportunity to include an assessment system that results obtained underestimate the value of the project. And then introducing the method used in real financial option pricing, the company's future investment opportunities seen as an option, which expands the range of applications Black-Scholes option pricing model.

In his paper, the concept of real options is put forward for the first time, and it is believed that when evaluating the value of enterprise investment projects with greater future uncertainty, the traditional DCF model does not incorporate the potential profit opportunities brought about by project uncertainty into the evaluation system, and thinks that the results will underestimate the project value. Then the method of financial option pricing is introduced in kind, and the future investment opportunity of enterprises is regarded as an option, thus expanding the application scope of Black-Scholes option pricing model.

In his paper, he first put forward the concept of real options. He believed that when evaluating the value of enterprise investment projects with greater uncertainty in the future, the traditional DCF model did not include the potential profit opportunities brought by the project uncertainty into the evaluation system, and the results would underestimate the value of the project. Furthermore, the method of financial option pricing is applied to the real object, and the future investment opportunity of the enterprise is regarded as an option, thus expanding the application scope of Black Scholes option pricing model.<br>