实物期权理论在房地产投资项目决策中的应用研究

Research on Application of Real Option Theory for Investment Decision of Real Estate Project

由于房地产投资具有较高的不确定性,运用传统的投资项目决策的净现值法则不能很好地解决房地产投资决策中面临的较高不确定性问题。本文引入实物期权理论,并应用净现值法则和实物期权理论进行房地产投资决策案例对比分析,得出了在较高不确定性环境下,实物期权理论能够发现不确定性的价值,较传统投资决策方法具有一定的优越性。

Due to higher uncertainty on real estate investment, traditional investment decision method isn＇ t applied well to deal with the higher uncertainty question of the real estate project. In this paper, the author introduces the real option theory and compares it with the net present value method. On this basis, a case study on comparing real option theory with net present value method is carried out. Finally, the author draws a conclusion that the real option theory could discover the value of uncertainty on higher uncertain environment, and there are some advantages for investment decision of real estate project.