Real Option Method in Real Estate Investment Decision

Through analysis of basic assumptions and limitations of the conventional real estate investment decision method, in this paper, its unconformity to the investment environment, which includes a great number of uncertain elements, is pointed out. By analyzing the real option and the price formula, the pattern of real option in real estate investment decision is put forward and this breaks through the limitations of the conventional investment decision method and makes the decision scientifically and reasonably, moreover, it has some directive significance to investment administration work of real estate corporation.     

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.     

Real Option Analysis of the Underpricing of IPO

The underpricing of initial public offering(IPO) has been one of the "the new issue puzzles" in the finance.The paper studes the underpricing of IPO phenomenon by real option methods.The research find that even the information of stock market is symmetry,the underpricing of IPO is inevitable.With the development of stock market,the(degree) of the underpricing of IPO will be lowed.The reasons of underpricing of the IPO in Chinese stock market,on the one hand come from widespread existing IPO underpricing,and on the other hand,come from the irrationality of IPO pricing way and stocks is not all circulate.     

Investment Model for Expansion Planning of Electric Generating Systems under Uncertainty

In this paper, traditional investment model for expansion planning of electric generating system is modified, the investment model for expansion planning of electric generating system under uncertainty is modeled and the method of calculating option value of waiting is discussed.     

Real-time Vehicle Scheduling

The traditional scheduling for vehicle is option in the fixed network. But it can't satisfy the real time environment. The demand of order is changeable and uncertain in real environment. It is convenient for scheduling transforming it into static data, but can't get the advantage on time. This paper proposes a real time vehicle scheduling on the study of traditional scheduling and discusses the model structure and the key technology for the real time system that establishes the base for develop teal time system.     

Investigation on Option and Technology Innovation in Decision-Making of Project Investment

By the analysis of the traditional decision-making on project investment, its three difficulties have been found and the assumptions on base of the decision-making are presented. Starting from the assumption, the theory of option and the theory of technology innovation were introduced to revise the traditional decision-making and to endow it with new significance. As a result, the accurate and proper information could be offered to the decision-maker in time.     

Model and Computation of Reload Stock Options with Barriers

Reload stock option is proposed as a executive stock option plan having some drawbacks, and prove that it is necessary to treat the reload option as a barrier option with two barriers. The improved reload option pricing model is established which the long incentive and reload feture of executive stock option are included. The pricing formula of the new option and the simulation analysis of it are discussed.     

Pricing Ways of Risky Investment Projects

Three ways are used to study the pricing ways of risky investment projects, namely discounting way of the end value, discounting way of cash flow and option pricing way. An example is given to study the practical use of the three ways which have different characteristics and constrained conditions. Compared with each other, it is found that option pricing way has a distinguished advantage, since this way involves the effect of the uncertainty of the value of enterprises on the value of equity, and solves the problem of the low valuation of the value of enterprises caused by the fact that the return of the first years is less than the return of the later years. At the same time, the effect of the change of capital structure on the value of equity is taken into account. Anyway, in some sides the three ways have the similar difficulties.     

Investment Choice for the Tail Part of Real Estate Based on a Fuzzy Comprehensive Evaluation

As the real estate industry in P. R. China developed rapidly in recent years and the housing price constantly rose, the Tail Part of Real Estate (TPRE) became a new investment option for shrewd investors due to its huge profit possibilities. We appraise the investment values of different TPREs and provide the investor with scientific decision making support regarding the selection of TPREs. We introduce the TPRE concept and analyze the causes and factors influencing TPRE formation. We construct a mathematical fuzzy comprehensive evaluation model to analyze the investment options for TPREs. We provide an example showing how to analyze the TPRE investment choices using our method provided herein. It could be a good reference for the investors in choosing a TPRE for investment.     

Option-game Analysis on the Investment Decision of Enterprise

In the analysis on the investment decision of enterprise under uncertainty, NPV is not applicable. From the view of the real option, uncertainty makes the monopoly enterprise delay the investment. This paper analyses the problem of investment decision under different assumptions in the option-game framework, taking the uncertainty and competition into account. Delay is not optimal for the non-monopoly enterprise. The symmetry and the information completeness of the enterprises will affect the investment strategic and equilibrium of the game.     

Computing Method of America Option Under the Basis of Black-scholes Formula

On the basis of the theory of option pricing,We study the connection between America call option and European call option;Under the assumption condition of Black-Scholes formula ,use the theory of martingales and stopping time,get the conclusion that: the price of America call option equals the price of European call option; Discuss some numeric computing methods of the put America option pricing, with the invarional inequaility for optimal stopping, prove the boundary property of America put option price and introduce some numeric computing methods of the put America option price.     

Application of Flow Analysis to Risk Management of Land Investment

Combined with the development flow of real estate project,firstly a flow analysis is put forward for land investment risk identification of real estate projects,then by method of list analysis and method of expectancy computing to determine the risk level and the gain and loss of expectancy of land investment.Based on the relation and flow chart of land investment risk,the risk intensity of land investment is computed,in order to achieve an objective,effective and scientific dynamic management of land investment risk.     

中央级农业科研单位经费需求与保障初探

为了具体分析中央级农业科研单位保障经费的投入现状和实际需求现状,运用文献分析法和定量分析法,对“三院”2006、2007和2008年的财政拨款的投入结构、实际支出结构、需求结构以及三者的差异进行比较,结果表明,目前中央级农业科研单位保障经费投入总量严重不足、投入结构不合理,经费需求与财政拨款基本保障方面存在极大差距,矛盾突出,成为严重制约农业科技创新的瓶颈。为此,提出明确中央级农业科研单位的主体地位,加大对其经费投入力度,合理调整基本支出和项目支出的投入比例,完善农业科研单位的养老医疗保障体系等建议。     

A Simulative Method of Investment Decision in Real Estate Development

This paper has simulated major risk factors and estimation indexes which influence on project investment in real estate development. It confirms the scope of risk factors by reaching it's reliability, The problems are resolved in obtaining values of factors and it's probabilistic distributing;the limitation is over come in estimating the income of investment by a point-estimation.An impersonal and reliable method of investment decision is provided in real estate development, and the result is ideal in practive test.     

Liquidity Risk Management of the Open-end Securities Investment Fund

The main object of this paper is to research the liquidity risk management of the open-end securities investment fund in line with the real position of China's securities market and investment regulation of the open-end securities investment fund.So the paper concentrates on discussing the redemption forecasting methods,stock liquidity assessment system,portfolio selection in line with the redemption forecast,and financing from the other institution,which are the main parts of liquidity risk management of the open-end securities investment fund.     

The Application of Bayes Method to Real Risk Decision - Making

The risk probability analysis is a difficult problem in real investment risk decision-making.Traditional analyses methods of sensitivity and probability can not be used to change the decisions and adjust the development of practicality.Using the methods of BAYES and decision tree,this paper introduced the application method and relational decision rules of BAYES in real investment risk decision-making by a case.     

经济新常态下地方政府"土地财政"转型路径探析

为了提高经济发展质量,适应经济新常态下经济增速放缓,逐步降低地方政府对土地财政的依赖程度,研究探索新的土地财政方式。运用数据分析法、实证分析法等方法,对中国土地财政的产生及影响、经济新常态下地方政府对土地财政的依赖性进行分析。探索出适合现实情况的土地出让金制度、为中国现行城市化评定标准引入更多的参考依据以及加快开征房地产税等渐进性的土地财政转型路径。以期在土地财政转型期间地方政府有较为充足的财政收入,为发展实体经济提供一定的保障,助推中国经济发展质量提升。     

Option-pricing of Completeness Market and the Choice of Hedging-trade Strategies

This article is based on the existence of an arbitrage about a portfolio in an disequilbrium market under the supposition of the stochastic market. The authors defined the T option priee equilibrium price, and illuminated these definitions at first. With the knowledge of stochastic analysis, it is demonstrated that the price of European put option equals its callo ption. They both equal equilibrium price. In addition, under the same supposition, it is discussed that the choice of hedging trade planning, got the formula of hedging trading.A example to show how to use the formula.     

Analysis on Unbalance of Real Estate Investment Goal under the Environment of High Profit Margin

With incessant development of Chinese real estate market, the amount and size of real estate corporations are enlarging rapidly and the real estate corporation investment goal is tending to become divertive. So it is especially important to understand rightly the investment goal of the real estate corporations. This paper analyzes the unbalance phenomena of real estate corporation investment under the environment of high profit margin and discusses the serious aftereffect from this unbalance. Finally this paper brings forward the right order of investment goals for the real estate corporations in order to contribute to a nicer performance of real estate corporations in establishing sustainable development stratagem.     

New Financial Tool of Real Estate - Real Estate Investment Trust

The real estate investment trust (REIT) as a new tool of real estate investment is introduced in this paper by the way of analyzing the status quo of real estate circulation funds. The importance of developing REIT in China is analyzed. Referring to the foreign experience, the basic principles, classification of REIT and the different characteristics for the investors and the real estate companies are introduced. The difficulties in developing REIT in the capital market and in the investment market in China are discussed. The countermeasures to deal with the situation are presented. REIT is valuable in forming the real estate investment market and healthy development of real estate.