Study on the Timing of Investment Decision of Real Estate Projects Based on the Real Option Theory

被引：0
|
作者：
Yang, Yang [1 ]
Tan, Huashan [1 ]
机构：
[1] Chongqing Normal Univ, Sch Econ & Management, Chongqing, Peoples R China
来源：
PROCEEDINGS OF THE INTERNATIONAL CONFERENCE ON LOGISTICS, ENGINEERING, MANAGEMENT AND COMPUTER SCIENCE | 2014年 / 101卷
关键词：
real options; timing of investment decisions; real estate projects; volatility; Sensitivity analysis;
D O I：
暂无
中图分类号：
TP3 [计算技术、计算机技术];
学科分类号：
0812 ;
摘要：
Real estate investment project has the real option characteristics such as long time development, high capital and high investment risk. Contrasting with the traditional evaluation method, the real option theory is more scientific one that considers the value of the management flexibility and strategic investment. Considering the management flexibility, the timing of investment can improve the value of the project. This paper builds the optimal investment timing model to explain why the developers will delay the investment. The factors affecting the optimal investment time are discussed through the sensitivity analysis.
引用
收藏
页码：410 / 413
页数：4
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