房地产开发评估的实物期权方法

房地产开发是高风险，其开发环境具有高度的不确定性，传统的投资项目价值评估方法如净现值法或折现现金流法常常低估了房地产的投资价值。应用实物期权的理论和方法，讨论了房地产开发项目在不确定性下的投资机会价值，为房地产项目的投资决策提供了一种新的方法。

The Real Option Method of Real Estate Exploitation Evaluation

Real estate exploitations have high risk and its exploitation environment is quite uncertain. The traditional investment value methods, such as the net present value and discount cash flow methods, usually undervalue the real estate value. In this paper the real option pricing theories and methods are applied to discuss real estate investment value under uncertainty. This method provides a new approach for real estate items.