Firm Value Variation Illustrated by Income and Real Option Analysis  

作　　者：Chris Penniken Thankgo Manchidi 

机构地区：[1]School of Construction Economics&Management WITS University,Johannesburg,South Africa

出　　处：《Journal of Modern Accounting and Auditing》2020年第2期95-104,共10页现代会计与审计（英文版）

基　　金：We are grateful to the comments of anonymous reviewers,and Tumellano Sebehela’s assistance and insightful comments that improved this article significantly.

摘　　要：The valuation of real estate plays a major role in property market.In the valuation industry there are various models used to estimate the value.The industry has made use of traditional models;however these models do not account for flexibility in property.This article uses income and real options valuations to capture values of South African REITs.The results illustrate that the real option valuation produces a higher value of property than the traditional models.The findings have shown that the traditional models undervalue the REITs.And these findings are consisted with prior studies done in different geographical markets.Finally,one recommends that the industry practitioners should adopt real option valuation in valuing real estate.

关 键 词：INCOME APPROACH REAL OPTION REIT 

分 类 号：F42[经济管理—产业经济]