房地产投资决策的实物期权方法

The Real Option Theory in Real Estate Investment Decision

与传统房地产投资决策方法相比,实物期权方法考虑了房地产投资中的时间价值和管理柔性价值,是一种更为科学合理的评价方法。文章在对实物期权价值形成和房地产投资决策期权特性分析的基础上,用实物期权理论计算房地产投资中的等待期权价值,并通过案例分析说明其在实际决策中的应用。

Contrasting with traditional investment decision method, the real option which considers the value of time and management flexibility in the process of investment is more scientific and rational. On the basis of clarifying the value forming of real option and analyzing optional characteristic of real estate investment decision, the paper evaluates the value of waiting option in real estate investment and illustrates its application in practice through a case analyzing.