中文摘要：

从机构投资者决策时间和有限理性角度，基于实物期权和行为金融理论对其投资项目的多阶段行为决策问题进行了研究。指出了机构投资者分时决策的实物期权属性和行为金融解释，并提出了一种具有实物期权属性、基于r一分布、以多心理账户BPT为核心的分时行为决策模型，为分析机构投资者面临的重大多阶段证券投资决策问题提供了一种工具。

英文摘要：

From decision time and limited reason assumption of institutional investors, with real options and be- havioral finance theory, multi - stages behavioral decision of investment projects is studied, which interprets its attributes of real options and behavioral finance. A time - sharing behavioral decision - making model is formed with real options attributes, F - distribution based, and BPT of multiple mental accounts as core, which provides a tool for important multi - stages securities investment decision - making of institutional investors.