电信牌照无形资产使用权价值区别于传统的无形资产，具有高度不确定性和投融资风险，并存在管理柔性，价值难以衡量等问题，运用传统的净现值价值评价方法分析该类资产的投融资价值存在明显缺陷，而导致投资决策者错失投资机会。本文基于实物期权理论，构建电信牌照类无形资产价值分析框架，并对中国移动4G牌照进行实证分析。通过对比分析可以看出，传统净现值法评估牌照类无形资产存在明显的价值漏损，漏损率高达50.3%，而实物期权法可以很好地弥补该缺陷，更加全面、客观地体现此类资产的投资价值，为该类资产的投资决策提供有效支持。
Telecommunications license has uncertainties and high investment and financing risks. The value of its flexible management is also hard to measure. The traditional appraisal and decision-making methods are obviously defective, often leading to undervaluation and thus missing out on opportunities on the part of decision makers. Based on the option theory, the analysis framework is constructed to assess the assets, as the telecommunication license. The 4G program of China Mobile Limited (stock code:0941) is taken as a case. Through the comparative analysis, the results show that the traditional method has obvious value leakage, and the leakage rate is as high as 50.3%. But real option method can very good to make up for the defect, and more completely and objectively reflects the true value of such assets. It can provide effective support for the asset class of investment decision-making.
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