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A Study on the Multiple Real Option Model for Evaluating Values based on Real Estate Development Scenario

机译:基于房地产开发情景的多元实物期权定价模型研究

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摘要

?? ??? ?? ???? ?? ???? ??? ?? ???? ? ??? ?? ? ??? ??? ?? ??? ???? ???? ??. ??? ????? ?? ????? ???? ?? ??? ??? ???? ??? ?? ??? ??? ????? ??? ???? ???? ??? ????. ??? ????? ???? ???????(DCF)? ??? ????? ???? ??? ??? ??? ??. ? ??? ??? ??? ????? ??? ? ?? ????, ? ??? ??? ??? ??? ?? ????? ??? ???? ??? ???? ??? ?? ??? ????? ?? ??????? ????? ??? ??? ?? ? ??? ??? ??? ???. ??? ?? ?? ???? ? ??? ?? ??? ???? ?? ???? ??? ???? ??? ???????? ?? ???? ??? ???? ?????. ?? ?? ?? ????? ??? ???????? ?? ????? ???? ?? ????, ??? ????? ?? ???? ???? ?????? ??? ??? ????? ? ? ???. ??????? ? ??? ?? ????? ??? ??? ???? ?????? ????? ???? ?? ?? ? ?? ???.Real estate development requires significant amount of capital investment. The project duration has been increased according to its enlarged size. For this reason, cost overrun and time delay are important risk factors that should be managed properly. As a method to hedge the risk, varoius real option methods have been presented. However, conventional project value assesment methods such as NPV(Net Present Value) have weakness to support decision making by reflecting dynamic situations in terms of variation of cost and time. Furthermore, the decision making process is serious of actions rather than discrete event. The purpose of this paper is to present a multiple real option valuation method to overcome the deterministic aspect of real option presented in previous research and practice. The method is developed as following: firstly, to select the model that can be applied in the real estate development project through a survey from previous literature on real options analysis; secondly, to apply data from office development case in order to verify the model by applying conventional real option and multiple real option valuation. According to analysis result, multiple real option provides enhanced values comparing to NPV and single real option.
机译:?? ??? ?? ???? ?? ???? ??? ?? ???? ? ??? ?? ? ??? ??? ?? ??? ???? ???? ??。 ??? ?????? ?? ?????? ???? ?? ??? ??? ???? ??? ?? ??? ??? ?????? ??? ???? ???? ??? ????。 ??? ?????? ???? ???????(DCF)? ??? ?????? ???? ??? ??? ??? ??。 ? ??? ??? ??? ?????? ??? ? ?? ????,? ??? ??? ??? ??? ?? ?????? ??? ???? ??? ???? ??? ?? ??? ?????? ?? ??????? ?????? ??? ??? ?? ? ??? ??? ??? ???。 ??? ?? ?? ???? ? ??? ?? ??? ???? ?? ???? ??? ???? ??? ????????? ?? ???? ??? ???? ?????? ?? ?? ?? ?????? ??? ????????? ?? ?????? ???? ?? ????,??? ?????? ?? ???? ???? ?????? ??? ??? ?????? ? ? ???。 ??????? ? ??? ?? ?????? ??? ??? ???? ?????? ?????? ???? ?? ?? ? ??房地产开发需要大量的资本投资。根据项目规模的增加,项目的工期也有所增加。因此,成本超支和时间延迟是应适当管理的重要风险因素。作为对冲风险的一种方法,已经提出了可变的实物期权方法。但是,常规的项目价值评估方法(如NPV(净现值))在反映成本和时间变化方面的动态情况时,难以支持决策。此外,决策过程是认真的,而不是离散的事件。本文的目的是提出一种多重实物期权估值方法,以克服先前研究和实践中提出的实物期权的确定性方面。该方法的开发过程如下:首先,通过对以往关于实物期权分析的文献进行调查,选择可以在房地产开发项目中应用的模型。其次,应用来自办公室开发案例的数据,以通过应用常规实物期权和多重实物期权估值来验证模型。根据分析结果,与NPV和单个实物期权相比,多个实物期权提供了更高的价值。

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