采用LDA主题聚类方法，对发表在顶级期刊的226篇研究成果进行系统性梳理，识别了实物期权理论在管理领域的核心主题，并构建相应的知识框架。实物期权理论在管理领域由九大主题构成：不确定性与不可逆性、期权识别、期权创建、期权管理、期权执行、组织内外部环境、投资模式、期权价值及期权组合。这些主题构成了一个前因-行为-情境-决策-绩效的ABCDC知识框架。在此基础上，采用内容分析法对实证研究成果进行深度剖析，并从因果视角、过程视角、权变视角解析和讨论了实物期权理论在管理领域的研究脉络及其核心发现，识别了研究不足，并提出未来研究方向。

This study adopts the LDA topic clustering method to systematically sort out 226 research published in leading journals, identifies the core topics of real options theory (ROT) in the field of management, and constructs the corresponding knowledge framework. The nine themes of ROT in management includes, uncertainty and irreversibility, option identification, option creation, option management, option execution, the internal and external environments, investment models, option value, and option portfolios. These themes constitute the ABCDC knowledge framework of antecedent-behavior-context-decision-performance. On this basis, the empirical research results are analyzed in depth using the content analysis method, and they are analyzed from the causal, process, and contingency perspectives. Finally, we highlight the limitations of the ROT research in management and propose the future research directions.