應用實物期權方法研究完全競爭市場環境下的供應鏈管理中的能力決策問題。通過對能力投資決策的價值分析，給出柔性條件下的能力決策規則，并研究了市場演進的性質、投資成本和缺貨成本對決策的影響。結果表明：風險較大(小)的市場、較高(低)的能力投資成本和較低(高)的缺貨成本將使得供應鏈管理者推遲(提前)其擴大能力決策的實施。

This paper applies the real-option approach to study the capacity decision in supply chain management under perfect competitive markets. Through analyzing the value of capacity investment decision, we give some rules of the capacity decision with flexibility. We also analyze the influence of three main factors upon the investment decision, which include the property of market evolvement, investment cost, and out of stock cost. The results show that a more (less) risky market, a higher (lower) capacity investment cost, or a lower (higher) out of stock cost is likely to postpone (advance) the implementing of capacity expansion.