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Operating Infrastructure Project Investment Analysis Based on Real Option Theories

Author: XueJingZuo
Tutor: LiuYanPing
School: Beijing Jiaotong University
Course: Technology Economics and Management
Keywords: Real Options Operational infrastructure projects Investment decisions B-S model
CLC: F283
Type: Master's thesis
Year: 2010
Downloads: 179
Quote: 0
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Abstract


Operational infrastructure construction in China's economic and social development, an important part of the city's long-term development and social infrastructure needs to be coordinated development as protected. China's rapid economic development has further expanded its infrastructure needs, but the government revenue is limited, infrastructure development can not rely entirely on the government's investment. So the government began to release the operational infrastructure construction restrictions to allow the strength of private capital into the conquered monopoly infrastructure development. In the course of this attempt, infrastructure construction projects to determine the value of the project is most concerned about the two sides, but also the most during the study need to be resolved. How to attract private capital as well as how to make effective investment decisions so that the capital invested to achieve the best results, provide a proper analysis of the feasibility study on real viable is quite necessary. In summary, the operational infrastructure projects are irreversible, uncertainty and timing of returns selectivity and other features. The traditional NPV method's basic assumptions and project construction and operational process does not match the actual situation, ignoring the investment decisions of these basic features exist. We need to be real option pricing method is introduced to operational infrastructure construction projects to investment decisions. As Real Option Theory in Investment Decision on the application has been quite common in infrastructure project investment decisions also been applied. Papers from the status quo of China's private capital investment as a starting point to elicit investment decisions using real options necessity. Based on this article further analyzes real options in the operational infrastructure project scope. In the theoretical framework of the BS model, focusing on analysis of a single Growth Option Growth Option Pricing Model and serial growth option pricing model, and the various parameters of the model conducted in-depth research. Then thesis through case analyzes real options method and the traditional method of investment decision making on the project investment value of the difference, further analysis showed that the sensitivity of the option value for differences in sensitivity to different parameters. Through real options theory in operational infrastructure project application, the paper also points out the shortcomings of this approach, the project's Option Game Analysis of a simple analysis for further research raised the prospect.

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CLC: > Economic > Economic planning and management > Infrastructure the economy > Infrastructure investment and economic benefits
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