房地产投资决策中实物期权方法的应用

传统的净现值投资决策方法将不确定性视为一种损失，忽略了项目投资的灵活性和战略性，往往造成项目价值的低估，而实物期权弥补了NPV法的不足。本文将实物期权方法}J入房地产投资决策中，对比分析了传统净现值法的一些不足，介绍了实物期权的基本理论，并采用了B-S期权定价模型对房地产投资决策过程中蕴含的迟延期权进行了案例分析。

The Application of Real Option Approa ch to In vestment Decision-making in Real Estate

Traditional Net Present Value method（NPV）of investment decision regards uncertainty as a dcfialency,ignoring inveswnent＇ s flexibility and strategy,which often induce underestimation of the project＇s value;while Real Option can compensate the deficiency of NPV method.This article introduce real option approach in real estate investment decision-making, comparatively analyzing some deficiency of NPV,presenting the basic theory of real option,and using the B-S opdon pricing model m analyze delay option in the process of investment decision-making on the real estate.