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中文摘要：
由于在排污权交易条件下选择污染治理技术的自由留给了厂商，如果因污染治理技术投资而节省的费用大于购买排污权的费用，则厂商就会选择污染治理技术投资，因此，厂商需要进行污染治理技术投资策略的选择。基于实物期权理论建立了排污权交易条件下厂商污染治理技术投资策略模型，并给出了厂商污染治理技术投资的最佳时机。
英文摘要：
Under the condition of tradable emission permits, the manufacturer has rights to choose the technology of pollution treatment. If the manufacturer spends more in pollution treatment investment than in buying the emissions permits, he will choose to invest the pollution treatment technology. Therefore, the manufacutrer can make the decisions of the technology of pollution treatment. Based on the real option theory, the paper sets up the manufacturer＇pollution treatment technology investment decision model under the condition of tradable emissions permits, and provide the optimum time of manufacturer＇ pollution treatment technology investment.
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