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Real options in real estate is increasingly becoming a new form of corporate finance, performance for the local real estate enterprises in the development of real estate before the completion of the flats in a number of sets of real estate in the form of options, agreements for sale to the price in advance foreign investors, local real estate sales as a business start-up money into the further development process.

实物期权在房地产正日益成为一种新形式的企业融资,表现为当地的房地产企业在房地产开发完成之前的单位在若干套房地产的形式,选择,协议的价格出售给外国投资者提前,当地房地产的销售作为创业资金投入的进一步发展进程。

Years of Chinese real estate, but was staged in Hainan, a large, real estate Enlightener Hollywood blockbusters like to attend the meeting in the single-pole, hero At that time, the soul-stirring only a small number of people; in 1998, real estate was thrown after the market-oriented, there are known as real estate development was "encircled monopoly"-like, until 2002, real estate development of only 10% of the investment banks can borrow撬起leverage of the secret is no secret that the world only on indictment, when the real estate belongs to a circle Ambilight; in 2005, up to the circle containment wall finally collapsed, re-allocation of resources, every resource structure the changes are drastic changes in the pattern of a business opportunity, even if the profits of real estate development from 30% to 10%, but outside of people, here is still the land of the return on investment.

一九九三年的中国房地产,但分别在海南,一个大型,房地产启蒙好莱坞大片要出席这次会议的单相,英雄在这当时,惊心动魄,只有少数的人;在1998年,房地产被抛出后,以市场为导向,有被称为房地产开发&包围垄断&一样,直到2002年,房地产开发的只有10个%的投资银行可以借用杠杆撬起的秘密是什么秘密,世界上只有公诉,当房地产属于一个圆圈流光溢彩;在2005年,最多的圆圈,终于遏制墙倒塌,重新分配资源,每一个资源结构的变化是急剧变化的商业模式的机会,即使利润的房地产开发由30 %至10 %,但外面的人,这里仍然是土地上的投资回报率。

According to some bad phenomenon about real estate investment, real estate supply, real estate price, the property management and the real estate finance of western China, the thesis study these bad phenomenon respectively through a great deal of statistical data and statistical method, and then the thesis find out the widespread problem of real estate investment, real estate supply, real estate price, the property management and the real estate finance of western China. According to the actual circumstance that the real estate industry of the western China, the thesis put forward the countermeasures that solve these problems above and guide the real estate industry of western China progress healthily. Levy upon ground and housebreaking is one factor that produces inharmonic society.

根据西部地区房地产投资、房地产供求、房地产价格、房地产物业管理和房地产金融等方面表现出的一些不良现象,通过大量的统计数据并采取相关的统计方法对西部地区房地产业发展过程中表现出的这些现象分别进行分析,结合西部地区房地产业发展的实际情况,本文揭示出房地产业发展中房地产投资、房地产供求、房地产价格、房地产物业管理和房地产金融这五个方面在西部地区均具有的普遍性问题,并针对具体的问题提出了相应的对策,以指导西部地区房地产业健康持续发展。

Therefore, it can be regarded as a great improvement of the investment decision-making theory and methods .This article makes a systematic research on real options theory and method and its application, including the following several main aspects:Firstly, it makes a detailed discussion about the common theoretical basis of financial options and real options, including no-arbitrage equilibrium principle, risk-neutral definition, complete market and dynamic tracking.Secondly, it analyze three basic characteristic of investment decision-making in modern market economic system: irreversibility, uncertainty and flexibility, and from the angle of their mutual quantitative and qualitative interactions, it makes a comparison between the traditional NPV methods and real options methods and makes a summary of the general analytical methods of real options.Thirdly, it discusses the all elements in the application of real options such as the ^leakages in value of real assets, basis risk, and private risk, and furthermore, it attempts to put forth a normalized strategy of its application and construct a basic framework of its application.Fourthly, it applies real options theory to strategetic investment of enterprises and the buy-out of company, putting forth a value model for strategetic investment program and making a concrete analysis of its application to buy-out. Furthermore, it advocates that a flexible investment decision-making system should be setup according to real options theory in our country.

本文对实物期权理论和方法及其应用进行了系统研究,主要内容包括如下几个方面:(1)详细讨论了金融期权和实物期权共同的理论基础,主要包括无套利均衡原理、风险中性定义、完全市场以及动态复制方法,对这些理论方法的探讨既是本文的出发点和基础,它们提供了研究实际应用实物期权的一个基准点,也是贯穿全文的线索和灵魂;(2)分析了现代市场经济体系中投资决策的三个基本特征即不可逆性、不确定性和时机选择,并从它们数量上和质量上相互作用的重要意义的角度,分析了传统的净现值法与实物期权方法的差异,指出了净现值法在不确定环境中存在的缺陷及实物期权处理投资灵活性的价值,并将净现值法纳入实物期权投资分析决策体系当中,总结了企业投资决策实物期权的一般分析方法;(3)探讨了实物期权应用中要考虑的各种要素,如实物资产的价值漏损、基差风险和非市场风险等,并进一步提出了实物期权应用的规范化策略和构建了一个实际应用实物期权方法的基本框架,尝试将期权的基本原理与企业在现实经济环境中投资决策的要素结合起来,从而可以在一定程度上超越期权的复杂的数学计算而汲取期权思想的精华,从而促进期权决策方法在实际投资决策中的应用;(4)将实物期权方法应用于企业战略投资,得出了战略投资项目的价值模型,指出可以将实物期权理论和方法应用于企业并购,分析了应用的具体方面,并提出应根据实物期权理论建立一套适合我国企业的灵活的投资决策系统。

The main contents are as follows: In chapter 1, systematic conclusions of intension and characteristic of sustainabledevelopment of real estate industry are made after the review of home and foreign research achievements; Chapter 2 analyzes status quo and trait of Chinese real estate industry in 2005, from views of investment, exploitation and sale, three parts of real estate industry, with the help of massive graphs, as well as elaborates main problems existing in real estate market; In chapter 3, the gambling thought is used to divide the developing process of Chinese real estate market into three phases, according to the change of main market participators and their behaviors; Finally, in chapter 4 and 5, a system with 72 indices in research on sustainable development of real estate industry in china is established, and theories of Catastrophe, Cosines Vector Included Angle, Entropy and CRITIC are applied to appraise the current situation of sustainable development of real estate industry in 31 provinces and cities in 2004, then the consistency test of appraisal results is carried out by Kendalls Coefficient of Concordance and Spearman Correlation Coefficient.

本文的主要内容如下:第一章在查阅大量国内外有关可持续发展理论、房地产业有关研究文献的基础上,评介了有关理论概念,并对房地产业可持续发展的内涵进行归纳、总结;第二章从房地产投资、开发和销售三个环节入手,结合大量图表,分析2005年中国房地产业的发展状况和特点,揭示我国房地产市场存在的主要问题;第三章利用博弈思想,根据市场参与主体及其行为的变化,将中国房地产市场的发展过程分为三个阶段;第四、五章构建了一个由72个指标构成的房地业可持续发展指标体系,利用突变评判法、向量夹角余弦法、熵值法和CRITIC法对2004年全国31个省市的房地产业可持续发展状况进行评价,并运用肯德尔和谐系数和斯皮尔曼等级相关系数对评价结果进行一致性检验。

A water which the real love is the spouse is thirsty when hands over, the real love is goes out when an urge, the real love is when the spousal sob opens the bosom, the real love is the road which goes home hurriedly goes to the head flashes through ", if I do not go home, he will not be able to sleep" the thought that the real love will be when the spousal indisposition will wish one could to go to the pain for her one mood, the real love will be ", so long as she happy, I am willing to make all" the tenacity, the real love will be regards as her the human who will be in the world is frailest, most needs to protect.

真爱是爱人口渴时递上的一杯水,真爱是出门时的一句叮咛,真爱是爱人哭泣时张开的怀抱,真爱是匆忙回家的路上脑中闪过的&如果我不回家,他就会睡不着觉&的念头,真爱是爱人病痛时恨不得替她去痛的一种心情,真爱是&只要她开心,我愿意做一切&的固执,真爱是把她看作是世界上最脆弱、最需要呵护的人。

The real reason; real war; a real friend; a real woman; meat and potatoes--I call that a real meal; it's time he had a real job; it's no penny-ante job--he's making real money.

真实的原因;真实的战争;真正的朋友;真正的女人;肉和土豆-我把这叫一顿真正的饭;他是时候有份真正的工作了;那不是份零工-他的确赚钱了。

On Saturday, gun attack claimed by the Real I.R.A at an army base in county Antrim, left two young British soldiers dead.

周六,Real I.R.A发表声明说在Antrim,武装袭击导致两名年轻的英国士兵死亡。

It is heavily involved with San Mateo County because Mike Scanlon, SamTrans' general manager, got tired of what the El Camino Real highway strip has become.

这个和San Mateo郡有很大联系,因为SamTrans的总经理Mike Scanlon厌倦了El Camino Real那段公路带。

Cuban-born Zamora auditioned for THE REAL WORLD when he realized the potential to raise awareness of HIV/AIDS through the show.

早在真假难分的所谓 Reality TV 还未流行的年代,The Real World 这个纪实节目早已大行其道,而当中最震撼人心的,必属感染了 HIV 病毒的古巴裔病人 Pedro Zamora。

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Real Recognize Real
Real Niggas And Real Bitches
Real Recognize Real
Champagne For My Real Friends, Real Pain For My Sham Friends
Real Real Sweet
Real Real
Real Ain't Real
Real To Real
For Real, For Real
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