延迟期权

本文立足于电信产业价值链，运用实物期权法之Black-Scholes模型，对3G项目延迟期权价值进行了分析，定量地说明了，投资3G将会为电信行业带来巨大收益。

Through carefully researching of the value chain of information technology industry , this paper analyzed the value of option to defer in 3G by application of Black-Scholes model . And the result explained quantitatively that the investment in 3G will bring great benefit for the technology information industry .

延迟期权与风险投资决策研究

The study of the Option to Defer Investment and Decision-making of Venture Project Investment

在房地产开发投资决策方面主要集中在研究基于B-S模型、二叉树模型的延迟期权和分期开发期权。

And researches on the real estate investment decision-making based on B-S model delay options and phased development options .

基于此形成了一种基于现金流不确定且存在延迟期权的项目评价方法。

Then we formed a project evaluation approach based on cash flow uncertainty and delayed options .

总结了用实物期权方法分析研发项目的基本思路。4.对可延迟期权、可转换期权、可开拓期权、多阶段期权在研发项目中的应用进行了分析。

This part analyzed the application of option to defer , to switch , option to expand and compound option in R & D investment .

通过第二个案例介绍了二叉树模型的使用及项目中延迟期权的重要性。

Through the second case , the paper focuses on the use of binary tree model and the importance of the delay option in project .

实物期权的应用分析，对研发管理中存在的延迟期权、放弃期权、转换期权、增长期权和复合期权的应用进行了分析。

The application analysis of real option , this part analyzed option to defer , option to expand , option to abandon , option to switch and compound option in R & D investment .

本文在传统投资决策方法基础上，通过引入延迟期权定价理论，建立风险投资项目时机选择模型，增加了风险投资项目决策的科学性。

Based on the DCF-method , the article uses the theory of the option to defer investment to build the model of the decision-making , which improves the science of the decision-making of venture project investment .

该流程的构建考虑到了扩张期权、延迟期权、放弃期权等主要的期权种类，比以往的期权应用流程更加全面。

Construction of the process take into account of the expansion of options , deferred options , options to abandon the option and other major types of options , and is more comprehensive than ever before .

本文根据商业地产项目开发决策特点，在前人的基础之上，重点研究了基于跳跃扩散过程之下的商业地产延迟期权。

According to characteristics of commercial real estate project and the previous basis , this thesis researches the deferral option of the commercial real estate which based on jump-diffusion process . Firstly , this thesis introduces the real options theory and researches related .

从实物期权的角度，基于市场竞争状况和技术转换成本，将IT行业投资机会分为4类，指出必须根据不同类型投资机会的特点调整延迟期权和增长期权等实物期权模型。

From Real Options approach , this paper classifies IT investment opportunity into four categories based on two criteria : competition ad switching cost , and points out that the model of option to defer and growth option should be adjusted according to the characteristics of different categories .

第4章对第3章提出的3类期权问题分别就分期开发期权、延迟投资期权、转换期权项目分别进行了典型案例实证分析。

The fourth chapter discusses the case of option to staged investment , option to deter investment and option to switch use .

本文从我国房地产业的发展现状入手，借鉴国内外的研究成果，来研究房地产延迟开发的实物期权问题。

So real options to make investment decisions into real estate becomes inevitable . In this article , the issue of real option in deferred real estate development is studied from the current situation of China real estate industry with reference to foreign and domestic research achievement .