基于实物期权方法的房地产投资决策行为研究

发布时间：2018-05-03 23:00

本文选题：房地产开发 + 投资决策　；参考：《东北大学》2013年硕士论文

【摘要】：最近几年我国房地产行业持续快速发展,已经成为我国的支柱产业。随着房地产市场机制的不断深化和完善,竞争越来越激烈,决策者更加重视对投资决策方法的分析与研究。如何利用科学有效的评价方法对房地产项目进行投资决策,是决策者急切要解决的问题。实物期权是一种来自于金融衍生工具的新理论方法,基于实物期权方法的投资决策方法把项目的静态NPV加上期权价值,以此弥补传统方法的不足。本文运用演绎法进行研究,采用理论分析与实证分析相结合、模型分析与逻辑分析相结合的分析方式,用定性分析和定量分析相结合的方法,构建模型来进行实践。在对我国房地产行业、房地市场进行回顾和分析的基础上,通过对房地产投资决策领域的研究文献的剖析和对实际应用方法的了解,对现行的房地产投资决策的主要方法进行分析和评价。分析传统投资决策理论和方法的局限性,并介绍了实物期权基本理论,对影响房地产投资决策的因素进行了分析,发现房地产投资决策中的期权因素,用基于实物期权的定价模型对房地产投资决策进行数理分析,得到了实物期权方法的合理性与科学性。通过文献、理论和应用研究相结合的方式,采用定性和定量分析结合的方法,对实物期权在房地产项目中的应用做出了系统的表述,并对房地产投资决策中的实物期权特性进行分析,构建相应的分析框架,并对实物期权模型进行实证研究。最后,对本文的主要研究工作进行了总结,结合我国的实际情况,从政策、企业、消费者的角度提出了优化房地产投资决策的相关建议和对策,并对实物期权方法在房地产投资决策中的未来发展趋势进行了展望。
[Abstract]:In recent years, China's real estate industry continues to develop rapidly, has become a pillar industry in China. With the deepening and perfection of the real estate market mechanism, the competition is becoming more and more intense, and the decision makers pay more attention to the analysis and research of the investment decision methods. How to use scientific and effective evaluation methods to make investment decisions on real estate projects is an urgent problem to be solved by decision makers. Real option is a new theoretical method from financial derivatives. The investment decision method based on real option method adds the static NPV of the project to the option value to make up for the deficiency of the traditional method. In this paper, the deductive method is used to study, the combination of theoretical analysis and empirical analysis, the combination of model analysis and logical analysis, the combination of qualitative analysis and quantitative analysis, the construction of a model to carry out practice. On the basis of reviewing and analyzing the real estate industry and the real estate market in our country, through the analysis of the research literature in the field of real estate investment decision-making and the understanding of the practical application methods, The main methods of real estate investment decision are analyzed and evaluated. This paper analyzes the limitations of the traditional investment decision theory and methods, introduces the basic theory of real options, analyzes the factors that affect the real estate investment decision, and finds out the option factors in the real estate investment decision. The real option pricing model is used to analyze the real estate investment decision, and the rationality and scientific nature of the real option method are obtained. Through the combination of literature, theory and application, the application of real option in real estate project is systematically described by the method of qualitative and quantitative analysis. The real option characteristics in the real estate investment decision are analyzed, the corresponding analysis framework is constructed, and the real option model is empirically studied. Finally, this paper summarizes the main research work, combined with the actual situation of our country, from the perspective of policies, enterprises, consumers, put forward the relevant suggestions and countermeasures to optimize the real estate investment decision. The future development trend of real option method in real estate investment decision is prospected.
【学位授予单位】：东北大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F299.23

【参考文献】