船公司港口投资决策实物期权模型研究

发布时间：2019-06-24 15:40

【摘要】：本文题为“船公司港口投资决策实物期权模型研究”。通过对船公司港口投资相关理论及传统的投资决策理论的分析,得出实物期权理论在船公司港口投资中的适用性；通过对传统净现值法的修正并考虑船公司港口投资的项目外期权,在实物期权基本模型的基础上构建适用于船公司港口投资决策的实物期权模型并对其进行算例分析,验证了课题研究的必要性。文章的具体内容如下：第一章绪论部分从课题研究的背景分析入手引出课题研究的理论和现实意义,并分析了国内外的研究现状,介绍了文章的主要内容和本文在撰写过程中采用的方法。第二章系统的介绍了船公司港口投资的相关理论,对港口投资围绕其特点、分类及价值展开论述,讨论了船公司这一特殊投资主体进行港口投资的必要性,并分析了船公司投资港口的方式及影响因素,介绍了船公司港口投资的基本决策方法。第三章首先从金融期权的相关理论出发引出实物期权理论,并结合上文中港口投资的特点分析了实物期权理论应用于船公司港口投资的适用性,着重分析了净现值法的局限性并对其修正,将投资决策后项目本身所产生的期权价值考虑在内。第四章是文章的重点章节,首先分析了实物期权模型的基本理论,然后通过对船公司港口投资的项目外期权进行分析,建立项目外期权价值函数并对其进行定性分析。在前面几个章节的基础上,按照船公司港口投资决策的流程进行模型的构建,并引用实例进行分析。第五章通过以上四个章节的论述得出课题研究的结论,并指出了文章中存在的缺点和不足之处以及今后研究中需要进一步解决的问题和研究方向。
[Abstract]:This paper is entitled "Research on Real option Model of Port Investment decision of Shipping Company". Through the analysis of the port investment theory of shipping company and the traditional investment decision theory, the applicability of real option theory in port investment of shipping company is obtained. By modifying the traditional net present value method and considering the project option of port investment of shipping company, the real option model suitable for port investment decision of shipping company is constructed on the basis of the basic model of real option, and the necessity of the research is verified by an example analysis. The specific contents of the article are as follows: the first chapter introduces the theoretical and practical significance of the research from the background analysis of the research, and analyzes the research status at home and abroad, and introduces the main contents of the article and the methods used in the writing process of this paper. The second chapter systematically introduces the related theories of port investment of shipping company, discusses the port investment around its characteristics, classification and value, discusses the necessity of port investment of shipping company, analyzes the mode and influencing factors of port investment of shipping company, and introduces the basic decision-making method of port investment of shipping company. In the third chapter, the real option theory is introduced from the related theories of financial options, and the applicability of the real option theory to port investment of shipping companies is analyzed according to the characteristics of port investment in the above. The limitations of the net present value method are analyzed and modified, and the option value generated by the project itself after the investment decision is taken into account. The fourth chapter is the key chapter of the article. Firstly, the basic theory of the real option model is analyzed, and then through the analysis of the out-of-project options invested by the shipping company port, the value function of the out-of-project options is established and the qualitative analysis is carried out. On the basis of the previous chapters, the model is constructed according to the process of port investment decision of shipping company, and an example is given to analyze it. The fifth chapter draws the conclusion of the research through the discussion of the above four chapters, and points out the shortcomings and shortcomings of the article, as well as the problems and research directions that need to be further solved in the future research.
【学位授予单位】：大连海事大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F224;F407.474;F550

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