Abstract:

An subject of research in article is process of assessment of efficiency of insurance of projects with use of real options on the example of the metallurgical companies. The purpose - specification of a formula of calculation of the expected effect of implementation of the project with use of real options. The research hypothesis - application of more objective formula of calculation will allow to increase efficiency of insurance of projects and to use the additional opportunities which are contained in them. The methodology of the analysis of options is used, namely: methods of real options, discounting of cash flows and mathematical modeling. It is shown that account in this formula of cost of the real options which are built in the project, additional long-term expenses connected with their use, and decrease in the general risk of the project allows to increase objectivity of the corresponding calculations. Novelty of article is systematization of main types of real options for projects of the metallurgical companies and formalization of calculation of the expected effect of implementation of the project in the conditions of risk and uncertainty with use of real options. Systematization of main types of real options allows to expand the range of application of management decisions. Application of more objective formula of calculation of the expected effect of implementation of the project with use of real options (at restriction – only for real assets as basic) confirms the made hypothesis. The direction of future researches - formalization of a pricing model when calculating the price of the option contract for the real option.