商业地产投资的实物期权特性及应用框架研究

商业地产开发投资中存在投资的不可逆性、外部环境的不确定性和决策的灵活性，因而具有实物期权特性。从确定要解决的问题、分析不确定性的来源、鉴别关键的不确定性因素、识别实物期权类型、构建期权定价模型、计算项目价值、检查计算结果和重新设计8个方面，构建了商业地产投资决策的实物期权分析框架。

Study on the Real Option Characteristics and Framework of Commercial Real Estate Investment

The investment of commercial real estate development has real option characteristics, because the real option method can properly deal with uncertainty, irreversibility and flexibility. This paper constructs a framework for analyzing the real options of commercial real estate investment decision from the following eight aspects including, confirming the problem to be solved, analyzing the uncertain source, distinguishing the key uncertain factor, discerning the type of real options, constructing the real options option model, calculating the value of the commercial real estate, checking the result of calculation and redesigning.