基于实物期权的“蓝盾国际”商业地产项目投资决策研究

发布时间：2018-02-27 00:27

本文关键词： 实物期权商业地产投资决策　出处：《中南大学》2013年硕士论文　论文类型：学位论文

【摘要】：摘要：商业地产近些年在中国发展迅猛,而其作为一种高投资高风险的开发项目,投资决策的正确性就成为了项目成功的基础。由于商业地产项目具有投资周期长、投资规模大、投资不可逆的特点,投资过程中充满了不确定性。面对充满诸多不确定因素的投资环境,传统的投资决策理论在实际运用中暴露出了其存在的理论缺陷,不能体现出项目的潜在价值,因而不能准确评价项目。本文基于实物期权的相关理论,构建“蓝顿国际”商业地产项目的延迟期权模型,对该项目的投资决策进行研究。论文的主要工作体现在以下几个方面： (1)系统阐述商业地产投资决策的相关理论。通过对商业地产投资理论的对比研究,指出了传统投资决策方法的局限和不足以及实物期权方法在投资决策中的优势。 (2)对“蓝顿国际”商业地产项目进行了介绍,在对该项目不确定因素分析的基础上,得出影响该商业地产项目投资决策的因素主要投资的不可逆性、环境的不确定性和决策的灵活性。并分析了该商业地产项目投资决策的实物期权特性及其实物期权种类,然后构建了“蓝顿国际”商业地产项目的开发流程。 (3)构建了“蓝顿国际”商业地产项目的延迟期权模型,并进行了应用。通过对B-S模型的修正,确定了该项目具有的延迟期权模型,通过对“蓝顿国际”商业地产项目的实际应用,得出考虑了延迟期权在内的项目价值远大于传统投资评价方法计算出的项目价值。
[Abstract]:Abstract: commercial real estate has developed rapidly in China in recent years. As a kind of high investment and high risk development project, the correctness of investment decision has become the foundation of project success. The investment scale is large, the investment is irreversible, and the investment process is full of uncertainty. In the face of the investment environment full of many uncertain factors, the traditional investment decision theory has exposed its theoretical defects in the practical application. Can not reflect the potential value of the project, so can not accurately evaluate the project. Based on the theory of real options, this paper constructs the delayed-option model of "Lenton International" commercial real estate project, and studies the investment decision of the project. The main work of this paper is as follows:. Through the comparative study of commercial real estate investment theory, this paper points out the limitation and deficiency of traditional investment decision method and the advantage of real option method in investment decision. This paper introduces the commercial real estate project "Lanton International". Based on the analysis of the uncertain factors of the project, the irreversibility of the main investment factors affecting the investment decision of the commercial real estate project is obtained. The uncertainty of the environment and the flexibility of decision making are analyzed, and the real option characteristics and the types of real options in the investment decision of the commercial real estate project are analyzed, and then the development process of the commercial real estate project "Lanton International" is constructed. The delayed option model of the commercial real estate project "Lanton International" is constructed and applied. The delayed option model of the project is determined by modifying the B-S model. Through the practical application of the commercial real estate project "Lenton International", it is concluded that the value of the project which takes into account the delayed option is much larger than the project value calculated by the traditional investment evaluation method.
【学位授予单位】：中南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F224;F299.233.4

【参考文献】