基于实物期权理论的房地产分期开发项目评价研究

Evaluation study of estate development projects in multi-stages based real option theory

针对分期开发的房地产项目中,后期开发项目具有等待期权价值的特点,考虑前期开发项目形成的品牌价值对后期开发项目的影响,建立基于期权理论的房地产分期开发项目评价模型。根据模型定价结果,对后期项目开发的投资做出了决策参考。最后结合案例应用进行了讨论。

For phased development of real estate projects,the next project has some characteristics of waiting for the value of options.In consideration of the brand value formed by pre-development projects and its effect on late development projects,an evaluation model for estate development projects in multi-stages was built based on real option theory.According to the result of model pricing,the investment decision to latter project have been made.Finally the case application was discussed.