【摘要】：隨著行業(yè)競(jìng)爭(zhēng)和市場(chǎng)環(huán)境變化得越來越激烈,項(xiàng)目公司發(fā)展的內(nèi)外需求,項(xiàng)目投資者已經(jīng)深刻地認(rèn)識(shí)到單一依靠主觀判斷越來越無法正確的知道項(xiàng)目的投資開發(fā)工作,因此,我們必須對(duì)BTT項(xiàng)目的投資進(jìn)行科學(xué)精確的分析。由于BTT項(xiàng)目的投資開發(fā)周期長(zhǎng)、受政策影響大、投資規(guī)模大等特點(diǎn),且BTT項(xiàng)目開發(fā)具有不可逆性、不確定性和靈活性等實(shí)物期權(quán)的特點(diǎn),所以將實(shí)物期權(quán)方法引入BTT項(xiàng)目投資分析研究是必然的。本文從我國(guó)的現(xiàn)有融資模式的發(fā)展現(xiàn)狀入手,借鑒國(guó)內(nèi)國(guó)外的研究成果,去研究BTT項(xiàng)目延遲投資的實(shí)物期權(quán)問題。通過研究BTT項(xiàng)目的投資的概念、影響因素,實(shí)物期權(quán)的概念、分析的基本特征和使用范圍,基于實(shí)物期權(quán)的基本理論建立BTT項(xiàng)目進(jìn)行延遲投資模型,給出延遲投資期權(quán)價(jià)值的計(jì)算方法,通過確定欄桿價(jià)格確定延遲投資的時(shí)機(jī)選擇,并結(jié)合案例進(jìn)行分析,驗(yàn)證模型的有效性,使投資者能夠選擇到最佳時(shí)機(jī)來爭(zhēng)取最大價(jià)值的靈活性,同時(shí)為BTT項(xiàng)目投資分析提供出了非�？茖W(xué)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(xué)位授予單位】：江西理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類號(hào)】：F283

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本文編號(hào)：2492344