江苏联通宽带建设项目投资收益评估方法研究
发布时间：2018-08-16 18:30
【摘要】：进入二十一世纪以来,移动互联网高速发展,互联网技术也随之日益更新,现阶段企业的经营环境也因此发生了巨大的改变,竞争环境也日益白热化,因此,不管是哪个企业,都必须时刻关注自己的投资方向与市场变化,做出合理的投资选择,通常情况下,对于企业投资决策进行评价的方包括项目投资回收期法、净现值法等,这些方法通常比较适宜评估收益比较确定、风险比较小的项目,然而它们却不能很好的评估电信项目,尤其是投资较大、投资会有很多不确定因素的电信项目。我国电信行业市场化时间比较晚,电信市场长期处于封闭状态,九十年代以来,电信行业经历了几次大的重组、整合,逐渐形成了三足鼎立的格局。电信企业在市场化方面的进程逐步加快,但在项目投资效益方面所进行的分析都是选择较为粗放的方法,这首先是由于体制方面的原因,其次投资思路、决策方法的选择也有很大关系。在作者所在的电信企业,基本所有的建设项目采用的还是静态投资回报周期法来进行项目效益评估,使用这种方法完全忽略掉了资本价值、未来的不确定等因素,所评估出来的结果往往和实际偏差很大,最终会导致决策失效。本文通过引入“实物期权”的思想,借助新的管理思想,开拓经营者和决策者的思路,同时也是修正与补充传统的项目投资评价方法,为更好的对项目投资决策分析提供新的方法,在本文当中,通过第一章对研究背景、目的、意义进行介绍,通过第二部分对有关原理进行探索分析,并对投资项目评估的各种方法进行了分析和比较,通过分析电信项目的特点,分析了电信项目期权的特点,并根据实物期权的理论,讨论了电信项目期权定价模型,并对定价模型进行必要的分析与比较,特别是针对B-S定价模型运用企业战略决策当中做出系统描述与分析。最后本文还对电信宽带项目评估的现状进行了研究与分析,尤其是对实际的电信项目建立起对应的模型,采用多种评估方法对同一项目进行评估,根据具体模型计算,得出量化的分析结果,并对结果进行了比较,从而希望能够在各种方法比较中找出不同,为电信项目评估寻求新的尝试。
[Abstract]:Since the 21 century, with the rapid development of mobile Internet, Internet technology has been updated day by day. Therefore, the business environment of enterprises has changed greatly and the competition environment has become increasingly fierce. Therefore, no matter which enterprise, They must always pay attention to their investment direction and market changes, and make reasonable investment choices. In general, the parties that evaluate the investment decisions of enterprises include the project investment payback period method, the net present value method, and so on. These methods are usually more suitable to evaluate the relatively certain return and less risk projects, but they can not evaluate telecommunication projects very well, especially those with large investment and many uncertain factors. The market of telecommunication industry in our country is relatively late, the telecommunication market is in the closed state for a long time. Since the 1990s, the telecommunication industry has experienced several great reorganization and integration, and gradually formed a three-legged pattern. The process of marketization of telecom enterprises has been accelerated gradually, but the analysis of the investment benefit of the project is to choose a more extensive method, which is due first to institutional reasons, and secondly to the investment ideas. The choice of decision-making method is also very important. In the telecom enterprises where the author is based, the static return on investment cycle method is used to evaluate the project benefit, which completely ignores the factors such as the capital value, the uncertainty of the future and so on. The estimated results often deviate greatly from the actual results, which will lead to the failure of the decision. By introducing the idea of "real options" and using new management ideas, this paper develops the ideas of managers and decision makers, and it also modifies and complements the traditional methods of project investment evaluation. In order to provide a new method for project investment decision analysis, in this paper, through the first chapter, the research background, purpose and significance are introduced, and the second part is the exploration and analysis of the relevant principles. By analyzing the characteristics of telecom project, the paper analyzes the characteristics of telecom project option, and discusses the pricing model of telecom project option according to the theory of real option. And the necessary analysis and comparison of the pricing model, especially for the B-S pricing model in the use of corporate strategic decision-making to make a systematic description and analysis. Finally, this paper also studies and analyzes the current situation of telecom broadband project evaluation, especially establishes the corresponding model for the actual telecommunication project, and evaluates the same project with various evaluation methods, and calculates according to the specific model. The quantitative analysis results are obtained, and the results are compared, so as to find out the differences in the comparison of various methods, and to seek a new attempt for the telecom project evaluation.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F626
本文编号：2186820
[Abstract]:Since the 21 century, with the rapid development of mobile Internet, Internet technology has been updated day by day. Therefore, the business environment of enterprises has changed greatly and the competition environment has become increasingly fierce. Therefore, no matter which enterprise, They must always pay attention to their investment direction and market changes, and make reasonable investment choices. In general, the parties that evaluate the investment decisions of enterprises include the project investment payback period method, the net present value method, and so on. These methods are usually more suitable to evaluate the relatively certain return and less risk projects, but they can not evaluate telecommunication projects very well, especially those with large investment and many uncertain factors. The market of telecommunication industry in our country is relatively late, the telecommunication market is in the closed state for a long time. Since the 1990s, the telecommunication industry has experienced several great reorganization and integration, and gradually formed a three-legged pattern. The process of marketization of telecom enterprises has been accelerated gradually, but the analysis of the investment benefit of the project is to choose a more extensive method, which is due first to institutional reasons, and secondly to the investment ideas. The choice of decision-making method is also very important. In the telecom enterprises where the author is based, the static return on investment cycle method is used to evaluate the project benefit, which completely ignores the factors such as the capital value, the uncertainty of the future and so on. The estimated results often deviate greatly from the actual results, which will lead to the failure of the decision. By introducing the idea of "real options" and using new management ideas, this paper develops the ideas of managers and decision makers, and it also modifies and complements the traditional methods of project investment evaluation. In order to provide a new method for project investment decision analysis, in this paper, through the first chapter, the research background, purpose and significance are introduced, and the second part is the exploration and analysis of the relevant principles. By analyzing the characteristics of telecom project, the paper analyzes the characteristics of telecom project option, and discusses the pricing model of telecom project option according to the theory of real option. And the necessary analysis and comparison of the pricing model, especially for the B-S pricing model in the use of corporate strategic decision-making to make a systematic description and analysis. Finally, this paper also studies and analyzes the current situation of telecom broadband project evaluation, especially establishes the corresponding model for the actual telecommunication project, and evaluates the same project with various evaluation methods, and calculates according to the specific model. The quantitative analysis results are obtained, and the results are compared, so as to find out the differences in the comparison of various methods, and to seek a new attempt for the telecom project evaluation.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F626
【参考文献】
相关期刊论文 前3条
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2 王庆水;企业投资决策怎样才能科学化[J];经济论坛;2004年15期
3 刘立峰;当前地方政府投资管理中值得注意的问题[J];宏观经济研究;2003年01期
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