房地产投资决策的期权博弈分析  

Analysis of the option game in the real estate investment

作　　者：郭秀颖[1,2] 张彬林[1] 郝建平[1] 惠晓峰[2] 

机构地区：[1]黑龙江工程学院数学系,哈尔滨150050 [2]哈尔滨工业大学经济管理学院,哈尔滨150050

出　　处：《经济研究导刊》2012年第35期60-63,共4页Economic Research Guide

基　　金：黑龙江省社科研究规划项目(项目基金号:10E078)阶段性研究成果

摘　　要：近年来随着房地产行业竞争的日益加剧,基于房地产企业核心竞争力的战略投资越来越引起房地产企业的重视。在一些资产雄厚的企业中,一家房地产公司可以同时对几个项目进行投资,这就需要企业充分考虑内部资金的合理分配,项目的投资顺序等系列投资决策问题,以使企业获得的综合效益最大。引用期权博弈理论对房地产企业内部的项目投资决策进行研究,在深入剖析房地产开发项目所具有的期权特性的基础上,建立房地产企业内部双项目投资期权博弈模型。此外,我们还将利用变分法对模型的最优解进行讨论,从而为房地产企业内部多项目投资提供最优化策略建议。In recent years,real estate industry as competition intensifies day by day,based on the core competitiveness of real estate enterprises strategic investment has attracted more and more attention of real estate enterprises.In some strong asset in the enterprise,a Real Estate Company can be simultaneously on several projects for investment,which requires enterprises to fully consider the internal capital allocation,project investment sequential series of investment,to make the enterprise to obtain the maximum comprehensive benefits.This paper will use the options game theory to the real estate enterprise project investment decision research,in-depth analysis of real estate development project with the option characteristics on the basis of the establishment of real estate enterprises,internal double investment option game model.In addition,we will also use a variational method for the optimal solution of the model was discussed,so as to real estate enterprise multi project investment optimization strategy.

关 键 词：房地产投资 战略投资 期权博弈 变分法 最优策略 

分 类 号：F127[经济管理—世界经济]