深圳市东部华侨城项目投资收益评估

Investment Income Evaluation in Shenzhen Eastern Overseas Chinese Town Project

主题公园是一个高投资高风险的项目,为保证投资回报率,以"主题公园+旅游地产"模式进行综合开发,以地产补偿旅游投入。深圳华侨城集团开创了"主题公园+旅游地产"模式的先河,为进一步开拓和占领市场空间,投入巨额资金开发东部华侨城项目。本文在传统的净现值法(NPV)对东部华侨城项目进行投资评估的基础上,进一步引入期权理论和模型,对评估结果进行修正,以便更准确地反映东部华侨城主题公园项目投资和收益的可行性,以期为此类模式的开发项目提供借鉴。

Theme park is a high-investment and high-risk industry, in order to ensure the return rate of the investment, theme park ＆ tour estate integrated investment strategies are often used. Shenzhen Overseas Chinese Town Group （OCT）, as the pioneer of the Chinese theme park ＆ tourism estate industry, in order to vast market potential, decided to put huge amounts of money into the eastern OCT theme park exploitation. This paper used the traditional NPV method to evaluate this project investment and income risk, and then, based on real option theory and Blaek-Scholes models, gave further and more accurate assessment, in order to give some useful evaluation models for reference.