浅议期权在企业投资决策中的应用

在现代投融资管理中 ,企业在作出投资决策时往往按照传统 NPV方法计算出投资项目的未来现金流量净现值。如果NPV值大于零 ,则该投资项目是可取的。如果是对互斥项目选择时 ,NPV值大的为优选项目。但是只根据 NPV的值作出投资决策有可能忽略一些投资项目中隐含的方面 ,比如在一些投资项目中包括期权问题。如果只计算投资项目的 NPV而忽略所隐含的期权的价值就可能低估投资项目 ,做出不正确的决策 ,从而放弃了一些具有投资价值的项目。那么在哪些投资项目中包含期权问题呢 ?这首先需要明确期权的定义。期权是指期权的购买者拥有在一个预…     

浅析建筑工程项目进度管理

在建设工程项目管理当中,工程项目的进度管理是施工单位管理当中不可或缺的一环,它的地位以及作用绝时不可小视,对于时间就是效率,时间就是金钱的现在,进度非常重要,但如果是没有质量的进度,就会导致返工、建完的工程不能投入使用,进度也就没有意义.如果没有投资,也就无从谈进度了.本文就是对建筑工程项目进度管理的一次综述.     

工程造价管理浅析

随着市场经济发展,一个工程建设项目的实施就不再是单单考虑工程质量问题了,在达到工程质量不变的前提下追求尽可能经济是每一个项目必须面对的问题。因此应该正确认识和解决工程造价管理各方面存在的问题,建立科学的工程造价体系。把强化工程造价管理以确保建设工程进度,建设工程质量的理念,贯穿于工程项目的全过程,实现把建设项目的投资控制在合理的、批准的投资限额之内,保证投资管理目标的实现,达到理想的投资效益和社会效益。     

浅谈限额投资项目的范围管理控制

基于投资限额条件下的范围管理在项目管理中,范围的早期确定和特性、功能选择尤为重要。通过对一个案例的分析,提出了限额投资项目革新的范围管理流程图。在经典的项目范围管理的基础上作为干系人的投资人,在投资限额确定时应有一个限额项目定义控制流程。作为项目管理团队应增加限额项目完整性评估流程和限额项目投资优化流程。这两个流程在整体变更控制程序之前,是一个重要的补充。这个模型的建立,加之行之有效的＂两组一会＂管理机制实现限额项目的有效管理。     

论矿井基建时期资金管理与成本控制

基本建设工程投资的项目管理与成本控制,是项目建设管理的重要环节。只有搞好建设项目管理和成本控制,才能够加快基本建设的速度,节约投资资金,体现投入产出的效率,其目的在于降低项目成本,提高企业经济效益。本文就在建矿井的建设,论述工程投资项目管理的系统性、项目成本控制的原则和实施控制的措施。     

政府投资基本建设项目绩效管理

近年来,随着我国宏观经济政策的调整,政府投资项目的数量和资金越来越大,在这种新的时代背景下,要提高政府投资的效益,就要展开有效的政府投资项目绩效管理,对政府投资资金进行追踪问效。目前,在我国的政府投资基本建设的项目管理上,我国虽然采取了一定的措施,取得了一定的进步,但是目前政府项目绩效管理情况仍不理想,需要在实践中不断改进,进一步提高政府投资项目的绩效管理水平,本文针对这个问题展开了分析。     

电网企业工程项目投资后评审研究

工程项目后评审是指在投资项目已完成建设并投运一段时间（一般为2年）后,对投资项目立项、准备、决策、实施、运营全过程投资活动进行客观系统分析,综合评估投资项目效益效果,判别投资目标实现程度的一种方法。在我国经济由高速增长向高质量发展的大环境下,电力行业提出“强化精准投资,坚持花钱问效,精准安排项目投资,提升投入产出效率”发展要求。文章结合电网企业投资项目管理要求和管理现状,围绕投资项目评审程序和评审内容,开展电网投资项目后评审的研究,分析如何通过构建全面精确的测算模型、选取多维度指标、综合定量定性分析方法,全面提升项目投资、管理的质量和效益,推动工程合规审计向合规、管理、效益综合审计转型。     

加强工程造价管理之我见

工程建设项目中,在保证工程质量的前提下降低工程造价节约投资是每一个项目必须面对的问题,因此合理确定和控制工程造价,加强造价管理,控制投资规模对实现投资管理目标起着关键作用。     

实施阶段工程造价的动态管理试析

建设单位对工程造价的控制就是在满足项目合理的质量标准的前提下,在投资决策阶段、设计阶段和建设项目实施阶段中把工程项目发生控制在批准的限额内,力求在各个建设项目中合理使用人力、物力、财力,取得较好的投资效益和社会效益。工程造价的控制与管理是一个动态的过程。市场经济的变化多端,使工程投资的确定与控制变得更为复杂,这就需要建设单位对工程造价的管理始终贯穿于项目的全过程,既要全面又要有侧重点。实施阶段的工程造价管理是实施建设工程全过程管理的重点。以下就招标管理、施工管理和结算管理三个环节来分析建设项目实施阶段的工程造价的动态管理。     

编辑部声音

阅读提示：1．投资项目最终不是谈成的，项目是写成的。也就是说．项目包装最终不能停留口头上．而要落实在笔头上。纸上谈兵再怎么离谱．也要比口头谈兵靠谱。2．市场经验表明，如果没有专业的转持管理．转换过程中的风险和成本可能会超乎预期．冲销已取得的投资回报，将影响投资业绩。     

A coalition proof equilibrium for a private information credit economy

Summary This paper examines an economy in which agents with private information about their own productive capabilities seek to raise capital to fund their investment projects. We employ an equilibrium concept which is closely related to Coalition Proof Nash Equilibrium. In equilibrium, all agents who succeed in raising capital (entrepreneurs) are pooled; they all receive the same contract or consumption schedule. Entrepreneurs, however, are separated from those who fail to raise capital. This separation results in productive efficiency for the economy. If the economy has no viable alternative investment opportunity (other than agents' projects) then equilibrium allocations can be supported by a (non-intermediated) securities market. If there is a viable alternative, the equilibrium allocations cannot be supported by a securities market equilibrium. We interpret this case as suggesting the emergence of financial intermedary coalitions.     

Evaluating investment projects in the presence of sectoral linkages1

In this paper we develop a framework to assess the economic impact of foreign investment projects. If investment projects interact with other industries in the host economy, either by buying inputs locally or by selling their own product to local downstream firms, they can create sectoral linkages. The expansion of upstream and downstream industries can feed back to the project's own industry leading to a further expansion of the local industry. We study the circumstances under which investment projects lead to the creation of sectoral linkages and characterize the factors that determine the project's welfare impact. We link analytical findings to case studies undertaken for the EBRD.     

实物期权方法在房地产投资项目评估中的运用

随着我国房地产市场的不断发展与壮大,房地产类投资项目评估作为为企业带来利润、推动房地产市场发展的一项重要工作,越来越受到投资人士的重视.在房地产类投资项目的评估过程中,房地产类项目投资的不可逆、可延迟等特性使得传统的净现值法出现了自身难以克服的缺陷,而实物期权在评估过程中的运用能够使项目评估更加全面、充分、科学.     

The impact of lifestyle health risk on the bottom line: a case study

As the Lifestyle Advantage study continues, HPS expects to follow the utilization trends for a consistent group of participants and nonparticipants, maintaining full confidentiality. Several key issues will be addressed in the process: As the participation rate increases, will the claims payment gap between participants and nonparticipants be reduced? Can a company hope to see a return on an investment in a health promotion program? If so, over what period of time? Finding answers to these questions will contribute to the larger issues of long-term health care cost containment and health care reform.     

Will Markets Direct Investments Under the Kyoto Protocol? Lessons from the Activities Implemented Jointly Pilots

Under the Kyoto Protocol, countries can meet treaty obligations by investing in projects that reduce or sequester greenhouse gases elsewhere. Prior to ratification, treaty participants agreed to launch country-based pilot projects, referred to collectively as Activities Implemented Jointly (AIJ), to test novel aspects of the project-related provisions. Relying on a ten-year history of projects, we investigate the determinants of AIJ investment. Our findings suggest that review-agency preferences related to national political objectives and possibly deeper cultural ties influenced project selection and limited the number of AIJ projects. Bilateral ties also appear to have affected investment decisions directly, possibly because of related transaction costs. The results suggest an investment process different from the assumptions that underlie well-known estimates of cost-savings related to the Protocol’s flexibility mechanisms. We conclude that if approaches developed under the AIJ programs to approve projects are retained, the scale of investment under Kyoto’s flexibility provisions and their cost-savings will be less than what is generally anticipated and the pattern of investment less driven by abatement costs.      

铁路建设引入项目融资的研究

项目融资可缓解铁路跨越式发展过程中建设资金的缺口,有利于铁路建设项目吸收民间资金,有利于促进铁路真正企业化的进程。铁路建设投资体制的不断改革和国家鼓励对基础设施进行投资,为项目融资提供了一个可行的政策环境;铁路建设项目类别差异为项目融资提供了施展舞台。此文分析了需要与可能外,还指出铁路项目融资的生产风险、市场风险和金融风险。     

Gerschenkron Revisited: The New Corporate Russia

Our analysis is based on firm-specific data compiled from the Russian Trading System stock exchange and SKRIN (CKPиH in Russian) database. We seek to identify the factors behind Russia’s dramatically improved corporate sector performance from the beginning of the 2000s to December 2007. We argue that improved long-term corporate performance was a consequence of several policy initiatives associated with the state-dominated banking sector, which enabled statesubsidized investment funds to be channeled from a structurally reengineered energy sector to targeted investment projects located in other industries. We claim that Russia’s industrial strategy closely conforms to Alexander Gerschenkron’s catch-up theory.     

Evaluation of investment subsidies: when is deadweight zero?

In the evaluation of investment subsidies one of the critical issues concerns the assessment of deadweight, that is, the degree to which projects would have been carried out without grant assistance. With the increasing restrictions on and cuts in subsidies for investment projects in the EU countries maximisation of the impact of the public resources that remain can be achieved through their allocation for projects with minimum deadweight. This paper studies the profile of subsidised zero deadweight investment projects – projects that would be abandoned without public subsidies – in Finland. The empirical analysis is conducted using micro level data on investment projects by private sector firms. The data set comprises 3,423 projects that were granted public investment subsidies between 2001 and 2003. Our results show that the likelihood of zero deadweight is significantly dependent on the characteristics of the subsidised firm, the characteristics of the investment project and the location of the subsidised firm.     

International Outsourcing and R&D: Long‐Run Implications for Consumers*

We show that international outsourcing and R&D by the outsourced firm may be either substitutes or complements. Outsourcing increases the R&D investment in small markets and in highly competitive product markets, whereas it decreases the R&D investment in large markets. If the outsourced firm can be technologically very efficient under exporting, outsourcing can make the consumers worse off by reducing the R&D investment. If there is skill differential in the production process and outsourcing occurs only in the unskilled activities, R&D‐reducing outsourcing occurs in a relatively low‐skilled industry. If outsourcing of the unskilled jobs reduces the effective cost of the skilled workers by increasing the productivities of the skilled workers, outsourcing provides further disincentive for R&D compared to the situation where outsourcing of the unskilled jobs does not affect the effective cost of the skilled workers.     

CROSSING DUPUIT'S BRIDGE AGAIN: A TRIGGER POLICY FOR EFFICIENT INVESTMENT IN INFRASTRUCTURE

This paper borrows Dupuit's parable of a bridge so as to reexamine the problem of selecting and financing public investment projects in a dynamic and strategic setting. A regulator imposes a price ceiling, and a firm makes a sunk investment each period. Three simple examples reveal the connection between the non-cooperative equilibrium of this relationship and the second-best optimum. One cannot implement this "planning solution" generally since the firm and the regulator each behaves opportunistically toward the other's irreversible actions. The facility never will be built if investment in it is infinitely lumpy and if the facility is perfectly durable. Departing from this extreme case, however, one can restore proper incentives by adopting "trigger policies." The regulator responds to a deviation from a candidate path by cutting price down to operating cost, and the firm halts all investment. If capital does not depreciate too slowly and the future is not discounted too much, then one can approximate the planning solution by an equilibrium. The success of trigger policies suggests that reformers should relax many regulatory rules and procedures to support efficient investment in infrastructure.