The Application of Real Option in Real State Enterprise Investment Decision-Making

摘要：

This paper analyzes the characteristics of the real estate business investment decision-making and the limitation of the traditional method which is used in the process of the real estate business investment decision-making,and then,presents that there are many factors in the traditional method that do not suit the real estate investment environment which contains many uncertain factors.Subsequently,the second part introduces the idea of real option,and then explains the model and application of the Black-Scholes real option evaluation model.This kind of method breaks through the limitation of the traditional method,and makes investment decision-making more scientific and rational compared with the old means.It is quite important for the real estate investment management.

关键词： real option net present value submerged cost bullish option black-scholes model

作者: ZHANG Shuo CHANG Ying

作者单位: School of Management, Harbin Institute of Technology, Harbin,150001 School of Management, Harbin Institute of Technology, Harbin, 150001

会议类型: 国际会议

会议名称: 2006 International Conferncen on Construction & Real Estate Management(2006建筑与房地产管理国际会议)

会议地点: 美国奥兰多

会议语种:英文

页码: 1213-1216

在线出版日期: 2006-10-05（万方平台首次上网日期，不代表论文的发表时间）