基于实物期权与净现值法的飞机租赁决策研究  

Aircraft Leasing Decision Research Based on Multi-stage Real Options and the Net Present Value Method

作　　者：郑燕琴[1] 夏洪山[1] 吴梦诗[1] 

机构地区：[1]南京航空航天大学民航学院,南京210016

出　　处：《武汉理工大学学报（交通科学与工程版）》2014年第4期830-833,838,共5页Journal of Wuhan University of Technology（Transportation Science & Engineering）

基　　金：中央高校基本科研业务费专项基金资助(批准号:NS2014066)

摘　　要：目前,飞机租赁是我国机队引进飞机的主要方式.航空公司结合自身情况对飞机租赁方式进行选择,对航空公司未来发展起到了至关重要的作用.在传统净现值法的基础上,引入多级实物期权法,分别对飞机经营性租赁与飞机融资性租赁进行分析,从而做出最优决策.该方法考虑了项目的不确定性,分析管理层在中途修正战略的价值,弥补了传统净现值法不考虑管理决策层采取柔性投资策略价值的缺陷.At present,the aircraft leasing is the main way to introduce aircrafts in China.For airlines,choosing the method of aircraft leasing according to their own circumstance is very important to the future development.Based on the traditional net present value,appling the method of multi-stage real options,analyzing operating lease and financial lease respectively,the optimal decision is made.This method takes the uncertainty of the project into account,and analyses the value that the managers update strategy in mid-course,make up the defect that the traditional net present value method ignores the value of managers using flexible investment strategy.

关 键 词：飞机租赁 经营性租赁 融资性租赁 净现值法 实物期权法 管理灵活性 

分 类 号：U8[交通运输工程]