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Applied Research on Real Option in Real Estate Investment Decision

Author: ZhaoZuo
Tutor: TianGuoShuang
School: Northeast Forestry University
Course: Accounting
Keywords: Real Options Investment decisions Fuzzy numbers The value of an option
CLC: F293.3;F224
Type: Master's thesis
Year: 2011
Downloads: 185
Quote: 0
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Abstract


With the era of the post-crisis recovery, global economic integration and deepening of the degree of complexity, the current complex and volatile international context, the competition among enterprises is no longer just limited to customer demand, the scramble for resources, but more manifestation of the decision-making level of the multi-level, strategic, dynamic competition. For the real estate industry, the importance of the investment decision-making more and more enterprises seriously. With the gradual implementation of China's central and real estate real estate control policies from the domestic environment, the business environment of China's real estate enterprises are facing uncertainty will be more and more, how to improve the effectiveness of the decision-making to become a business imperative. Real options as a new things came into being in the era of knowledge economy, is an effective way to solve the problem of uncertainty. Real options applied to the validity of the uncertainty of investment projects has been proved by the foreign theory and practical experience, however, China's enterprises in the practical application, and not from the real options approach due benefits, most enterprises are not applied or not correct application of the real options approach. With the real options theory and model matures, it is used in the field of real estate investment decision-making and make decision-making flexibility to reflect the value and quantify, to make up for the deficiencies of the traditional decision-making methods, to make the investment decision-making more scientific and effective, an increase of the value of the investment projects. Therefore, the characteristics of the real estate investment projects in China, the real options approach and its model, to promote the application of real option theory to investment decisions in real estate projects in China, promoting China's real estate industry to establish a scientific, rational, and effective investment decision-making system has a very important theoretical and practical significance. This paper focuses on how to improve the central issue of the extensive application and effectiveness of the real options approach in China's real estate project investment decision, respectively, from the basic concept of the application of real options, fuzzy real options model, real options in our Real Estate Project Investment Decision the application plan design, multi-level, multi-angle, which is the main work and innovation. The face of the high degree of uncertainty in the current environment and mutations, this study has practical significance. The basic concept of the application of the proposed real options is conducive to decision-makers decisions and options combined, present and future together, looking for potential opportunities for the future at this stage, in order to maximize the uncertainty in the environment, increase project investment opportunities and flexibility value. Discussed in detail with an actual case applications of real options, decision-making methods to improve the ability to resist risks of China's real estate investment projects and investment decision-making, has a certain practical significance.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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