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房地产投资的特点使得即便在法律和制度完善的前提下,房地产投资决策仍然面临着高风险和不确定性问题,为了更好地把握风险,我国房地产研究领域开始引入实物期权方法的应用研究。针对贴现现金流量法在房地产项目投资决策中的缺陷,引入实物期权理论,对房地产投资决策中的实物期权进行分类,提出了对应各类实物期权的房地产投资策略,并用实物期权的定价方法对传统的贴现现金流量法进行改进,以提高房地产投资决策的科学性。
The characteristics of real estate investment make real estate investment decision-making still face high risk and uncertainty even under the premise of law and system improvement. In order to better grasp the risk, real estate research field of our country has begun to introduce the application research of real option method. In view of the defect of discount cash flow method in real estate project investment decision-making, this paper introduces real option theory to classify real options in real estate investment decision-making and puts forward real estate investment strategy corresponding to all kinds of real options. Discount discounted cash flow method to improve the scientific decision-making in real estate investment.