發(fā)布時(shí)間：2018-04-21 18:12

  本文選題：房地產(chǎn)投資項(xiàng)目 + 傳統(tǒng)投資評(píng)價(jià)法��； 參考：《西南交通大學(xué)》2013年碩士論文

【摘要】：房地產(chǎn)行業(yè)目前是我國(guó)經(jīng)濟(jì)的支柱產(chǎn)業(yè),對(duì)我國(guó)經(jīng)濟(jì)的發(fā)展有著重要的作用。房地產(chǎn)開發(fā)項(xiàng)目有占用資金大、開發(fā)周期長(zhǎng)、行業(yè)受政策影響較大等特點(diǎn),運(yùn)用科學(xué)合理的評(píng)價(jià)方法對(duì)房地產(chǎn)投資項(xiàng)目進(jìn)行評(píng)價(jià)決策十分必要。 傳統(tǒng)的項(xiàng)目投資評(píng)價(jià)方法在對(duì)房地產(chǎn)投資項(xiàng)目進(jìn)行評(píng)價(jià)時(shí),有著巨大的缺陷。傳統(tǒng)投資評(píng)價(jià)方法靜態(tài)地考慮一期投資項(xiàng)目單獨(dú)的現(xiàn)金流,而不考慮開發(fā)項(xiàng)目對(duì)企業(yè)可能帶來的戰(zhàn)略價(jià)值。房地產(chǎn)行業(yè)有著很大的不確定性,在面對(duì)這些不確定性時(shí)需要管理者靈活應(yīng)對(duì)。而這些不確定性和管理柔性、靈活性就帶來的開發(fā)項(xiàng)目的實(shí)物期權(quán)價(jià)值。實(shí)物期權(quán)方法也考慮到了開發(fā)項(xiàng)目對(duì)后續(xù)項(xiàng)目?jī)r(jià)值的影響�？傊�,實(shí)物期權(quán)方法相對(duì)于傳統(tǒng)評(píng)價(jià)方法的優(yōu)點(diǎn)是考慮到了不確定性帶來的機(jī)會(huì)、管理柔性和靈活性的價(jià)值,和對(duì)企業(yè)戰(zhàn)略發(fā)展的意義。 本文首先介紹了傳統(tǒng)項(xiàng)目投資評(píng)價(jià)方法和實(shí)物期權(quán)項(xiàng)目投資評(píng)價(jià)理論和方法,并對(duì)兩種不同的評(píng)價(jià)方法進(jìn)行了對(duì)比。在運(yùn)用實(shí)物期權(quán)評(píng)價(jià)方法時(shí),本文考慮了目前房地產(chǎn)市場(chǎng)存在的泡沫,將泡沫因素加入到了實(shí)物期權(quán)評(píng)價(jià)法的考量當(dāng)中,得到了泡沫修正后的實(shí)物期權(quán)評(píng)價(jià)模型。在第五章本文結(jié)合筆者在房地產(chǎn)咨詢行業(yè)的世界五大行之一——戴德梁行(DTZ)房地產(chǎn)咨詢公司做過的項(xiàng)目,進(jìn)行了實(shí)證案例分析。通過利用傳統(tǒng)投資評(píng)價(jià)方法、實(shí)物期權(quán)評(píng)價(jià)方法和泡沫修正后的實(shí)物期權(quán)評(píng)價(jià)方法三種方法,分別對(duì)投資項(xiàng)目的價(jià)值進(jìn)行計(jì)算；并運(yùn)用敏感性分析方法,對(duì)實(shí)物期權(quán)模型的五大主要因素進(jìn)行敏感性分析。利用傳統(tǒng)投資評(píng)價(jià)法的凈現(xiàn)值法,得出一期項(xiàng)目和二期項(xiàng)目的現(xiàn)金流和凈現(xiàn)值；利用增長(zhǎng)實(shí)物期權(quán)的評(píng)價(jià)方法則測(cè)算開發(fā)項(xiàng)目的擴(kuò)展價(jià)值,擴(kuò)展價(jià)值中包含開發(fā)項(xiàng)目的增長(zhǎng)實(shí)物期權(quán)價(jià)值；然后利用泡沫修正后的實(shí)物期權(quán)定價(jià)模型對(duì)開發(fā)項(xiàng)目的價(jià)值進(jìn)行計(jì)算,得到了去除泡沫后項(xiàng)目的擴(kuò)展價(jià)值。最終對(duì)三種評(píng)價(jià)方法和結(jié)果進(jìn)行比較和分析。分析結(jié)果表明,實(shí)物期權(quán)方法更能夠體現(xiàn)不確定性給項(xiàng)目帶來的機(jī)會(huì),管理者的柔性管理和靈活性管理帶來的價(jià)值,投資項(xiàng)目對(duì)企業(yè)的戰(zhàn)略價(jià)值。而泡沫修正后的期權(quán)價(jià)值模型,能去除泡沫因素帶來的虛假繁榮,給過熱的房地產(chǎn)市場(chǎng)合理地降溫,使計(jì)算出的投資項(xiàng)目?jī)r(jià)值更加科學(xué)合理,接近實(shí)際。
[Abstract]:The real estate industry is the pillar industry of our country's economy. It plays an important role in the economic development of our country. The real estate development project has the characteristics of large capital, long development cycle and great influence on the policy. It is very necessary to use scientific and reasonable evaluation method to evaluate the investment items of real estate.
The traditional project investment evaluation method has a huge defect when evaluating the real estate investment project. The traditional investment evaluation method is static considering the separate cash flow of an investment project, without considering the strategic value that the development project may bring to the enterprise. The real estate industry has a great uncertainty in the face of these indeterminacy. It is necessary for managers to respond flexibly. While these uncertainties and management flexibility, flexibility brings the real option value of development projects. Real options approach also takes into account the impact of development projects on the value of subsequent projects. In a word, the advantages of real options approach to the traditional evaluation method are brought into consideration with uncertainty. The opportunity, the value of management flexibility and flexibility, and the significance to the development of enterprise strategy.
This article first introduces the traditional project investment evaluation method and the real option project investment evaluation theory and method, and compares the two different evaluation methods. In the use of real option evaluation method, this paper considers the existing bubble in the real estate market, and adds the bubble factor to the real option evaluation method. In the fifth chapter, an empirical case analysis is carried out in the fifth chapter of the real estate consulting company, one of the five largest banks in the world's real estate consulting industry, the ddliang (DTZ) real estate consulting company. Through the use of the traditional investment evaluation method, the real option evaluation method and the bubble correction Three methods are used to evaluate the value of the investment projects, and the sensitivity analysis method is used to analyze the sensitivity of the five major factors of the real option model. The net present value of the traditional investment evaluation method is used to obtain the cash flow and net present value of the first and two projects; The evaluation method of real option estimates the expansion value of the development project, and the value of the real options is included in the expansion value. Then the value of the development project is calculated with the modified real option pricing model after the bubble correction, and the expansion value of the project after the removal of the bubble is obtained. Finally, the three evaluation methods and the conclusion are made. Results are compared and analyzed. The results show that real option method can reflect the opportunities that uncertainty brings to the project, the value brought by flexible management and flexibility management, and the strategic value of investment projects to the enterprise. The rational cooling of the hot real estate market makes the calculated value of the investment project more scientific and reasonable, and is close to reality.

【學(xué)位授予單位】：西南交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F299.23

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