房地产项目投资具有较大风险和不确定性,运用传统投资评价方法不能挖掘项目的不确定性所带来的价值。文章引入实物期权理论,并通过净现值法和实物期权法对房地产投资决策案例进行对比分析,得出在较高不确定性环境下,实物期权理论能够挖掘项目潜在的价值,更加符合经济活动的要求。 Investment in real estate projects with greater risk and uncertainty, the use of traditional investment evaluation methods can not tap the value of the project brought about by the uncertainty. The article introduces the theory of real options, and compares the real estate investment decision-making case by the net present value method and the real option method. It concludes that the real option theory can tap the potential value of the project in a more uncertain environment, more in line with the economic activity Request.