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实物期权方法在房地产开发中的应用——用B-S模型计算等待期权的价值 被引量:24

The application of real option in real estate development
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摘要 实物期权作为一种指导投资决策的思维方法,在国外发展的较为成熟,尤其是用于资源开发型企业。本文对如何将这种方法应用于房地产开发企业做一简单的介绍。在介绍实物期权的概念后先后从定性和定量的角度说明这个方法的应用。 As an idea of guiding investment decision, real option theory has been relative mature, especially when it is used in resource development enterprise. This paper simply introduces how to apply this theory into real estate enterprise. After introduction of the concept of real option, this paper explains its application from the qualitative and quantitative angle of view. The application of real option in real estate development Xiang Shenghui He Fang (Economics and Management School, Tongji Univ.) Abstract: As an idea of guiding investment decision, real option theory has been relative mature, especially when it is used in resource development enterprise. This paper simply introduces how to apply this theory into real estate enterprise. After introduction of the concept of real option, this paper explains its application from the qualitative and quantitative angle of view.
作者 项盛辉 何芳
出处 《建筑管理现代化》 2002年第2期43-46,共4页 Construction Management Modernization
关键词 实物期权 房地产开发 应用 B-S模型 计算等待期权 参数 波动率 B-S model for real option Geometric Brown Motion
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