摘要
房地产项目投资具有不可逆性、高度不确定性和管理的灵活性,运用传统的净现值法不能挖掘出项目投资的这些性质所带来的价值,而应用实物期权方法进行房地产投资决策研究,不仅考虑到了房地产投资的不确定性,还体现了投资决策者的柔性管理和战略投资的价值。文章分析了传统净现值法的一些不足,介绍了实物期权的基本理论,并采用了B-S期权定价模型对房地产投资决策过程中蕴含的增长期权进行了案例分析,使得房地产投资决策更加科学合理。
Real estate investments have the characteristics including irreversibility,high degree of uncertainty,and flexibility of management.The traditional Net Present Value（NPV） method can not evaluate all of these characteristics.However,the real option method applied to the real estate investment decision-making considers the uncertainty,and reflects the management flexibility and strategic investment value as well.The paper analyzed the disadvantages of the NPV method,and introduced basic theories for the real option method.The Black-Scholes real option pricing model was used to analyze the growth option in the process of the real estate investment through a case study.The real option method makes the real estate investment decision-making more scientific and reasonable.
出处
《工程管理学报》
2010年第4期447-451,共5页
Journal of Engineering Management
关键词
实物期权
房地产投资决策
增长期权
B-S期权定价模型
real option
real estate investment decision-making
growth option
Black-Scholes real option pricing model
