【摘要】：隨著行業(yè)競爭和市場環(huán)境變化得越來越激烈,項目公司發(fā)展的內(nèi)外需求,項目投資者已經(jīng)深刻地認識到單一依靠主觀判斷越來越無法正確的知道項目的投資開發(fā)工作,因此,我們必須對BTT項目的投資進行科學精確的分析。由于BTT項目的投資開發(fā)周期長、受政策影響大、投資規(guī)模大等特點,且BTT項目開發(fā)具有不可逆性、不確定性和靈活性等實物期權(quán)的特點,所以將實物期權(quán)方法引入BTT項目投資分析研究是必然的。本文從我國的現(xiàn)有融資模式的發(fā)展現(xiàn)狀入手,借鑒國內(nèi)國外的研究成果,去研究BTT項目延遲投資的實物期權(quán)問題。通過研究BTT項目的投資的概念、影響因素,實物期權(quán)的概念、分析的基本特征和使用范圍,基于實物期權(quán)的基本理論建立BTT項目進行延遲投資模型,給出延遲投資期權(quán)價值的計算方法,通過確定欄桿價格確定延遲投資的時機選擇,并結(jié)合案例進行分析,驗證模型的有效性,使投資者能夠選擇到最佳時機來爭取最大價值的靈活性,同時為BTT項目投資分析提供出了非�？茖W的分析方法。
[Abstract]:With the increasingly fierce competition in the industry and the change of the market environment, and the internal and external needs of the development of the project company, the project investors have deeply realized that it is more and more impossible to know the investment and development work of the project more and more correctly by relying on subjective judgment alone. We must make a scientific and accurate analysis of the investment in the BTT project. Because of the long investment and development cycle of BTT project, the influence of policy, the large scale of investment, and the characteristics of real option, such as irreversibility, uncertainty and flexibility, the development of BTT project has the characteristics of irreversibility, uncertainty and flexibility. Therefore, it is necessary to introduce the real option method into the investment analysis of BTT projects. Starting from the present situation of the development of the existing financing model in China and drawing lessons from the research results at home and abroad, this paper studies the real option problem of delayed investment in BTT projects. By studying the concept of investment, influencing factors, the concept of real option, the basic characteristics and scope of use of BTT project, the delayed investment model of BTT project is established based on the basic theory of real option. The calculation method of the value of delayed investment option is given, and the timing of delayed investment is determined by determining the price of railing, and the effectiveness of the model is verified by analyzing the case. It enables investors to choose the best time to strive for maximum value flexibility, and provides a very scientific analysis method for BTT project investment analysis.
【學位授予單位】：江西理工大學
【學位級別】：碩士
【學位授予年份】：2015
【分類號】：F283

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