实物期权方法在房地产投资决策中的运用  

The Application of Real Option in Real Estate Investment Decision-making

作　　者：刘紫薇[1] 李建波[1] 杨红娟[1] 

机构地区：[1]昆明理工大学管理与经济学院,昆明650093

出　　处：《河南科学》2013年第6期895-898,共4页Henan Science

基　　金：云南省中青年学术技术带头人后备人才项目(2011C1018)

摘　　要：房地产开发中的各种不确定因素在增加项目风险的同时,也给投资者带来了新的投资机会,提升了项目的价值.传统的投资决策评价法因其固有的缺陷,造成房地产投资活动价值的低估,而实物期权方法为合理正确做出投资决策提供了有力保证.在对比分析传统DCF法和实物期权法的基础上,阐述了房地产投资中的实物期权类型,并通过案例分析了实物期权在房地产投资的中的应用优势,有利于帮助投资者做出更加科学、合理的决策.Uncertain factors in real estate development increased project risks at the same time,also brought new investment opportunities to investors,enhance the value of the project.Traditional evaluation method of investment decision because of their inherent defects,resulting in real estate investment activities of undervalued,and real options method for reasonable right to make investment decisions to provide a strong guarantee.This comparative analysis of the traditional DCF method and on the basis of real option approach set out the types of real options in real estate investments,and through a case analysis of the application of real option theory in real estate investment advantages conducive to help investors make more scientific and rational decisions.

关 键 词：实物期权 房地产开发 投资决策 

分 类 号：F293.30[经济管理—国民经济]