实物期权在A烤鸭店“中央厨房”项目投资决策中的应用
发布时间：2019-04-26 02:25
【摘要】：随着人们对食品质量要求的提高以及餐饮业成本压力的加大，原本一直处于高速度增长的餐饮行业开始面临着“微利时代”的到来。为了应对来自各方面的挑战，许多餐饮企业开始进行企业的战略转型升级，投资连锁企业的中央厨房。中央厨房项目具有高投资、高风险的特点，企业在选择投资前需要对该项目进行全面的评价。但是，传统的项目评价方法无法衡量出中央厨房的战略价值，因此，本文率先引入了实物期权法对中央厨房项目进行评价。实物期权法下，中央厨房的项目价值可以分为两个部分：项目的NPV价值和包含的实物期权价值。由于实物期权法强调了管理灵活性和投资的战略价值，它能够更加科学的评价项目的价值。因此，研究实物期权法在中央厨房投资项目中的应用具有非常重要的现实意义。 本文首先介绍了金融期权和实物期权的理论基础，通过对比展现了实物期权自身的特点，为下文的理论应用作铺垫。在案例分析部分，通过对中央厨房项目的特性分析，发现了传统的项目评价方法在该项目的应用中存在着缺陷。因此，本文引入了全新的实物期权法，并在实物期权应用框架的指导下对A连锁餐饮企业的中央厨房投资项目进行了战略分析、识别实物期权、选定评估模型、实施评估的过程。最后，根据评价的结果给予了企业投资决策的建议。本文通过详细的案例分析，，旨在展现实物期权在企业投资决策中的应用过程，希望本文的研究能够为其他企业提供借鉴，并在企业中推广实物期权的应用。
[Abstract]:With the improvement of food quality requirements and the increasing pressure on the cost of catering industry, the food and beverage industry, which has been growing at a high speed, is beginning to face the arrival of the "micro-profit era". In order to meet the challenges from various aspects, many catering enterprises began to upgrade their strategic transformation and invest in the central kitchen of chain enterprises. The central kitchen project has the characteristics of high investment and high risk. However, the traditional project evaluation method can not measure the strategic value of the central kitchen. Therefore, this paper first introduces the physical option method to evaluate the central kitchen project. Under the real option law, the project value of the central kitchen can be divided into two parts: the NPV value of the project and the real option value. Because the real option law emphasizes the management flexibility and the strategic value of the investment, it can evaluate the value of the project more scientifically. Therefore, it is of great practical significance to study the application of the real option method in the central kitchen investment project. This paper first introduces the theoretical basis of financial options and real options, through the comparison to show the characteristics of the real option itself, to pave the way for the following theoretical application. In the case analysis part, through the analysis of the characteristics of the central kitchen project, it is found that the traditional project evaluation method has some defects in the application of this purpose. Therefore, this paper introduces a brand-new real option method, and under the guidance of real option application framework, carries on the strategic analysis to the central kitchen investment project of A chain catering enterprise, identifies the real option, and selects the evaluation model. The process of implementing an assessment. Finally, according to the results of the evaluation, the paper gives some suggestions for investment decision-making of enterprises. Through the detailed case analysis, this paper aims to show the application process of real options in investment decision-making of enterprises, and hopes that the research in this paper can provide reference for other enterprises and promote the application of real options in enterprises.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F719
本文编号：2465674
[Abstract]:With the improvement of food quality requirements and the increasing pressure on the cost of catering industry, the food and beverage industry, which has been growing at a high speed, is beginning to face the arrival of the "micro-profit era". In order to meet the challenges from various aspects, many catering enterprises began to upgrade their strategic transformation and invest in the central kitchen of chain enterprises. The central kitchen project has the characteristics of high investment and high risk. However, the traditional project evaluation method can not measure the strategic value of the central kitchen. Therefore, this paper first introduces the physical option method to evaluate the central kitchen project. Under the real option law, the project value of the central kitchen can be divided into two parts: the NPV value of the project and the real option value. Because the real option law emphasizes the management flexibility and the strategic value of the investment, it can evaluate the value of the project more scientifically. Therefore, it is of great practical significance to study the application of the real option method in the central kitchen investment project. This paper first introduces the theoretical basis of financial options and real options, through the comparison to show the characteristics of the real option itself, to pave the way for the following theoretical application. In the case analysis part, through the analysis of the characteristics of the central kitchen project, it is found that the traditional project evaluation method has some defects in the application of this purpose. Therefore, this paper introduces a brand-new real option method, and under the guidance of real option application framework, carries on the strategic analysis to the central kitchen investment project of A chain catering enterprise, identifies the real option, and selects the evaluation model. The process of implementing an assessment. Finally, according to the results of the evaluation, the paper gives some suggestions for investment decision-making of enterprises. Through the detailed case analysis, this paper aims to show the application process of real options in investment decision-making of enterprises, and hopes that the research in this paper can provide reference for other enterprises and promote the application of real options in enterprises.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F719
本文编号：2465674
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