实物期权在房地产估价中的应用

Discussion on the Application of Real Options in Real Estate Evaluation

传统的房地产估价方法无论是重置成本法、现行市价法,还是收益现值法尚存在一定缺陷.本文将实物期权应用到房地产估价中,提出了估价的公式,并以写字楼为案例对其进行估价,得出较为准确的计算结果.实物期权方法能够客观地处理房地产投资中的不确定性,以及项目管理的灵活性,是一种更为合理的房地产估价的方法.

Traditional real estate evaluation approaches, including cost approach, sales comparison approach and income capitalization approach, all have disadvantages. In this paper,real options approach is applied to real estate evaluation and the evaluation formula is presented. Furthermore,an office building is evaluated by this approach and it gets a more proper result. Real options approach can objectively deal with the uncertainty in the real estate investment and managerial flexibility. So it is a more reasonable real estate evaluation approach.