本文關(guān)鍵詞： 實(shí)物期權(quán) 商業(yè)地產(chǎn) 投資決策　出處：《中南大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：摘要：商業(yè)地產(chǎn)近些年在中國發(fā)展迅猛,而其作為一種高投資高風(fēng)險(xiǎn)的開發(fā)項(xiàng)目,投資決策的正確性就成為了項(xiàng)目成功的基礎(chǔ)。由于商業(yè)地產(chǎn)項(xiàng)目具有投資周期長、投資規(guī)模大、投資不可逆的特點(diǎn),投資過程中充滿了不確定性。面對(duì)充滿諸多不確定因素的投資環(huán)境,傳統(tǒng)的投資決策理論在實(shí)際運(yùn)用中暴露出了其存在的理論缺陷,不能體現(xiàn)出項(xiàng)目的潛在價(jià)值,因而不能準(zhǔn)確評(píng)價(jià)項(xiàng)目。 本文基于實(shí)物期權(quán)的相關(guān)理論,構(gòu)建“藍(lán)頓國際”商業(yè)地產(chǎn)項(xiàng)目的延遲期權(quán)模型,對(duì)該項(xiàng)目的投資決策進(jìn)行研究。論文的主要工作體現(xiàn)在以下幾個(gè)方面： (1)系統(tǒng)闡述商業(yè)地產(chǎn)投資決策的相關(guān)理論。通過對(duì)商業(yè)地產(chǎn)投資理論的對(duì)比研究,指出了傳統(tǒng)投資決策方法的局限和不足以及實(shí)物期權(quán)方法在投資決策中的優(yōu)勢。 (2)對(duì)“藍(lán)頓國際”商業(yè)地產(chǎn)項(xiàng)目進(jìn)行了介紹,在對(duì)該項(xiàng)目不確定因素分析的基礎(chǔ)上,得出影響該商業(yè)地產(chǎn)項(xiàng)目投資決策的因素主要投資的不可逆性、環(huán)境的不確定性和決策的靈活性。并分析了該商業(yè)地產(chǎn)項(xiàng)目投資決策的實(shí)物期權(quán)特性及其實(shí)物期權(quán)種類,然后構(gòu)建了“藍(lán)頓國際”商業(yè)地產(chǎn)項(xiàng)目的開發(fā)流程。 (3)構(gòu)建了“藍(lán)頓國際”商業(yè)地產(chǎn)項(xiàng)目的延遲期權(quán)模型,并進(jìn)行了應(yīng)用。通過對(duì)B-S模型的修正,確定了該項(xiàng)目具有的延遲期權(quán)模型,通過對(duì)“藍(lán)頓國際”商業(yè)地產(chǎn)項(xiàng)目的實(shí)際應(yīng)用,得出考慮了延遲期權(quán)在內(nèi)的項(xiàng)目價(jià)值遠(yuǎn)大于傳統(tǒng)投資評(píng)價(jià)方法計(jì)算出的項(xiàng)目價(jià)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.
【學(xué)位授予單位】：中南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F224;F299.233.4

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本文編號(hào)：1540353