煤矿安全事故频发给无数家庭带来了灾难，也给社会造成了严重的经济损失。虽然党和政府高度重视，采取了一系列的措施，但我国煤矿安全形势依然严峻。如何做好安全投资决策已经成为煤矿企业及其他企业迫切需要解决的问题。传统的投资评价方法已经暴露出自身的缺陷，不能满足投资者的实际需要。实物期权理论作为一种有效的投资工具日益受到人们的关注，大量学者已经开始利用实物期权理论研究投资项目，但至今为止，很少有将实物期权理论应用到安全投资项目上，本课题就是在这样的研究背景下提出的。 本文研究的安全投资项目决策主要是解决两个方面的问题。一方面是安全投资项目方案选择的决策问题，另一方面是具有实物期权特性的安全投资项目的期权执行时机决策问题。 本文基于煤矿企业安全投资项目具有的特性，分析安全投资项目中存在的期权特性，归纳构建出利用实物期权方法对安全投资项目进行分析的框架模型；在实物期权价值量化模型指导下，结合煤矿企业安全投资项目具有的特殊性，建立了具有实物期权特性的安全投资项目价值量化模型，为安全投资项目方案选择提供参考；依据安全投资项目价值量化模型，量化不同阶段的安全投资项目净现值和期权价值，通过比较不同阶段的安全投资项目净现值和期权价值，评估在不同阶段的安全投资项目价值，得出安全投资项目期权执行的时机，构建出安全投资项目期权执行时机决策模型，为安全投资项目的期权执行时机决策提供参考。 最后本文通过某煤矿通风系统改造的安全投资项目，对安全投资项目方案选择的决策问题作了案例研究，验证了基于实物期权理论对安全投资项目进行决策的科学性。

Coal mine safety accidents had gave mischance for millions of families, made severe economic damnify for our society. Although party and government paid more attention and did a lot of measures, the safety situation of coal mine was also severe. How to make the decision for safety investment was the imperative question to resolve.Traditional investment evaluation way had shown its disadvantage , and it couldn’t meet the decision-maker real demand. Many people started to pay attention on the real option theory as a analysis tool for investment project day by day ,and many savants started to use real option theory to study the investment project. But few people put the real option theory on the safety investment project today, the paper was expounded based on the background. The decision of the safety investment the paper studied was in order to solve two facet questions. One was the decision on the choice of different scheme for the safety investment. Other was the decision on the performing opportunity of the option of the safety investment project. The paper based on the special character of the coal mine safety investment project, analyzed the real option character the safety investment project existed, and concluded the analysis frame model for the safety investment project on the base the real option theory. The model offered the reference for the analysis of real option character for the safety investment; And the paper was conducted by the value model of the real option theory, combining the special character of the safety investment project, built the value model for the safety investment project which had the real option character. The value model can offer the reference for the question of decision choosing; Through the compare between the NPV value and the real option value, evaluated the value of the project in the different stage, got the chance to implement the option, and built the model of the implementation option. The model can offer the reference for the question of the implementation decision. At the end, the paper did the demonstration study for question of the scheme choice decision through analysis on a alteration of a coal mine ventilation system. And proved the decision using the real option theory for the safety investment project is scientific.