【摘要】：隨著人們對(duì)食品質(zhì)量要求的提高以及餐飲業(yè)成本壓力的加大，原本一直處于高速度增長的餐飲行業(yè)開始面臨著“微利時(shí)代”的到來。為了應(yīng)對(duì)來自各方面的挑戰(zhàn)，許多餐飲企業(yè)開始進(jìn)行企業(yè)的戰(zhàn)略轉(zhuǎn)型升級(jí)，投資連鎖企業(yè)的中央廚房。中央廚房項(xiàng)目具有高投資、高風(fēng)險(xiǎn)的特點(diǎn)，企業(yè)在選擇投資前需要對(duì)該項(xiàng)目進(jìn)行全面的評(píng)價(jià)。但是，傳統(tǒng)的項(xiàng)目評(píng)價(jià)方法無法衡量出中央廚房的戰(zhàn)略價(jià)值，因此，本文率先引入了實(shí)物期權(quán)法對(duì)中央廚房項(xiàng)目進(jìn)行評(píng)價(jià)。實(shí)物期權(quán)法下，中央廚房的項(xiàng)目價(jià)值可以分為兩個(gè)部分：項(xiàng)目的NPV價(jià)值和包含的實(shí)物期權(quán)價(jià)值。由于實(shí)物期權(quán)法強(qiáng)調(diào)了管理靈活性和投資的戰(zhàn)略價(jià)值，它能夠更加科學(xué)的評(píng)價(jià)項(xiàng)目的價(jià)值。因此，研究實(shí)物期權(quán)法在中央廚房投資項(xiàng)目中的應(yīng)用具有非常重要的現(xiàn)實(shí)意義。 本文首先介紹了金融期權(quán)和實(shí)物期權(quán)的理論基礎(chǔ)，通過對(duì)比展現(xiàn)了實(shí)物期權(quán)自身的特點(diǎn)，為下文的理論應(yīng)用作鋪墊。在案例分析部分，通過對(duì)中央廚房項(xiàng)目的特性分析，發(fā)現(xiàn)了傳統(tǒng)的項(xiàng)目評(píng)價(jià)方法在該項(xiàng)目的應(yīng)用中存在著缺陷。因此，本文引入了全新的實(shí)物期權(quán)法，并在實(shí)物期權(quán)應(yīng)用框架的指導(dǎo)下對(duì)A連鎖餐飲企業(yè)的中央廚房投資項(xiàng)目進(jìn)行了戰(zhàn)略分析、識(shí)別實(shí)物期權(quán)、選定評(píng)估模型、實(shí)施評(píng)估的過程。最后，根據(jù)評(píng)價(jià)的結(jié)果給予了企業(yè)投資決策的建議。本文通過詳細(xì)的案例分析，，旨在展現(xiàn)實(shí)物期權(quán)在企業(yè)投資決策中的應(yīng)用過程，希望本文的研究能夠?yàn)槠渌髽I(yè)提供借鑒，并在企業(yè)中推廣實(shí)物期權(quán)的應(yīng)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.
【學(xué)位授予單位】：首都經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F719


本文編號(hào)：2465674