基于实物期权的高技术项目投资评价研究

如何评价高技术项目投资是当前企业投资的一个热点问题。现金流贴现法等传统方法已不能适应高技术项目的复杂性和不确定性。本文借助实物期权思想,把高技术项目过程视为实物期权的变更过程,给出一种利用复合期权定价模型来评价高技术项目投资的方法,最后通过一个软件开发项目的投资问题进行应用研究。     

基于实物期权的碳汇造林项目碳汇价值评估模型及应用

[目的]从项目业主投资角度科学揭示造林碳汇项目碳汇价值的结构、水平及关键影响因子,为促进林业碳汇项目发展的市场机制设计与激励政策制定提供更全面的参考.[方法]基于实物期权理论,构建了碳汇造林项目碳汇价值评估模型,并以落叶松为例,应用该模型和各参数数据对碳汇造林项目碳汇价值进行了定量评估与数值模拟分析.[结果]1)在当前...     

基于期权理论的林权价值研究

以活立木、林副产品等形式赋存的林权不仅具有一般资产特征外,而且具有自然增值性、可扩张性和可延迟采伐的特性。林权具有一般实物期权的特征,但在价值评估上不同于一般资产。本文将林权期权看作实物期权,在考虑投资时间价值及红利基础上,用Merton期权模型对林权的期权价值进行估算,从而可为林权交易、转让、承包时的价值核算提供一定的参考。     

房地产开发项目的景观设计管理

指出了房地产开发中,室外景观对于项目品质及客户体验等方面均起到了至关重要的作用,营造功能完善、空间布局合理的优美园林景观可以大大提升房地产的价值。针对景观设计的特点,对景观设计管理中的重点难点及应对方法进行了全面的梳理和研究。     

房地产开发项目的景观设计管理

指出了房地产开发中,室外景观对于项目品质及客户体验等方面均起到了至关重要的作用,营造功能完善、空间布局合理的优美园林景观可以大大提升房地产的价值。针对景观设计的特点,对景观设计管理中的重点难点及应对方法进行了全面的梳理和研究。     

基于期权理论的股票定价方法研究

传统的现金流折现模型在对股票定价的过程中,存在着不能精确地确定投资者的预期收益率和未来支付的现金股利的不足.公司的权益资本(股票)具有期权的特性,公司的股票实质上是基于公司价值的看涨期权,该期权的执行价格就是公司债券到期时的还本付息的金额,于是可以用期权定价模型来进行股票定价.该方法不需要估计未来的现金股利和投资者的预期收益率,在一定程度上克服了传统股票定价方法的缺陷.     

房地产开发项目中污水再利用研究

指出了我国作为一个水资源严重缺乏的国家,随着城市房地产业的迅速发展,在建设各种住宅区的同时用水量也在不断地增加,由此造成的大量污水就成为一个不可回避的现实问题,在介绍集中式和分散式两种污水处理模式的基础之上,提出了房地产业开发建设中污水再生利用的对策建议.     

房地产项目开发全过程成本管理分析

通过对当前我国房地产开发成本管理的初步探讨,提出了改进和完善成本管理方法,以期提高房地产管理水平。     

多阶段基础设施项目价值分析:基于牛市看涨期权价差理论

指出了基础设施项目投资成本大,需求不确定性高,多阶段投资是适应不确定性的有效措施。在随机需求下,利用最优多停时理论模拟多阶段项目的最优投资时机决策。通过求解模型发现,在较高需求下,项目价值随需求波动率的上升而下降,这与一般投资结论不同。从项目容量约束出发,利用牛市看涨期权价差理论解释了项目价值随需求波动率变化的原因。研究结果可以为多阶段项目的 投资提供理论支撑。     

浅谈房地产项目投资经济效益评价方法

房地产项目投资是指以资金作资本,购建房地产物业,以图谋取未来收益的经济行为。投资效益的高低,便成为评价项目成败的关键,成为衡量项目投资方案好坏的重要内容。     

房地产开发项目成本管理与控制浅析

对房地产开发项目各阶段进行全过程成本管理与控制,用科学的方法和合理的管理措施,把每一阶段的成本控制在合理的范围和核定的投资限额以内,以求合理使用人力、物力和财力,取得较好投资效益。     

浅谈房地产园林景观工程建造

优秀的园林景观可以成为一个房地产项目的标志，甚至可以成为一个品牌的形象。而独特的园林设计和专业的工程管理，是营造标志性的园林景观的重要保证。文章从“健康、舒适与休闲”的角度，浅议在房地产项目的园林景观工程建造中需要重视的问题。     

浅谈房地产业的发展与住区景观的结合

由于房地产消费者普遍关注居住环境,使得房地产开发商在开发过程中更多地考虑房地产与住区景观的结合。作者对房地产开发与住区景观设计的关系、结合的必要性、形态、未来的发展方向等问题进行了尝试性探讨。     

浅谈棕榈科植物在房地产园林中的应用

棕榈科植物是华南地区重要的园林植物资源，全科约210属2800余种，以其独特的风格、别致的形态特征，成为营造园林绿化景观的热门树种。最早流行于欧美园艺界，后被世界各地争相采用为行道树、庭荫树，园景树。当前特别在广州的房地产园林中应用广泛。本文根据棕榈植物的特点和造景功能，对在广州市楼盘园林里恰当运用棕榈科植物，形成地方特色作一探讨。     

Management of product development projects in the wood industry

Abstract

This study used data on project management from 70 recent product development projects in the wood industry. The objective was to test the influence of some project management factors, known from cross-industry research to be keys to product development project success, on product development project success in the context of the wood industry. Through the use of hierarchical multiple regression analysis, it was found that both the sharpness of the product concept definition and the strength of the project leader had significant positive influences on the success of product development projects. Conversely, product advantage, team cross-functionality and customer involvement did not have a significant positive influence on the success of these projects. The latter even indicated a negative influence on product development project success. Project uncertainty, as manifested in the degree of newness of the technology and the marketing strategies of the product to the innovating strategic business unit, did not influence the relationship between project management factors and product development project success. Some of the findings were unexpected and may be explained by the industry's unaccustomedness to customer co-operation and the fact that product development in the wood industry takes place within conventional technology and market bounds.     

Application of real options theory to forestry investment analysis

This paper demonstrates the utility of the real options approach to forestry investment analysis. The main objectives are to discuss the real option theory and show how it can be adopted to model uncertainty and managerial flexibility in forest management and investment. Secondly, we show how to calculate the option values of selected options that may be available to managers of forest industry firms. The paper provides an empirical application, which compares a forestry investment using the static Faustmann model and the real options approach. Four management options are used for the real options approach: an option to delay reforestation, an option to expand the size of the wood processing plant, an option to abandon the processing plant if timber prices fall below a certain level or due to corporate take-over, and multiple options that evaluated all three options together. All options were evaluated using the binomial option-pricing model, where timber values are assumed to follow a multiplicative binomial process. The results show that the Faustmann analysis rejected the investments as unprofitable, while the option analysis showed that all three options were highly valuable if exercised. When real options are considered, the traditional Faustmann model for assessing the profitability of a forestry investment may fail to provide an adequate decision-making framework because it does not properly value management's ability to adjust to shocks in the economy, as well as risks and uncertainty.     

世界重点林业生态工程建设进展及其启示

在分析国外重点林业生态工程历史渊源的基础上 ,论述了国外十大重点林业生态工程建设的生态背景、工程规划和实施进展等相关情况 ,最后阐述了其对我国重点林业生态工程建设的若干启示。     

沙棘生态工程建设管理的实践与探索

生态环境是人类生存与发展的基础，生态建设是西部大开发的根本和切入点，而生态工程建设成败的关键在于管理，只有搞好机制创新、加强科技支撑、抓住关键环节、注重流程管理才能取得应有的成果，发挥应有的功能和效益。本文通过作者多年来的沙棘生态工程建设研究和实践，对管理的有关经验进行了总结，对项目效益监测进行了探讨。     

Research on the extension ofTamarix shrubs resulted from development projects in arid area

Tamarix plant is widely distributed in the arid areas of China for its great tolerance of draught, salt and alkali and attracts more attention by its strong capacity in windbreak and sand-fixations. “Tamarix dunes” constitute special desert bio-landscape in arid area. During last several decades,Tamarix shrubs declined and “Tamarix dunes” were also severely destroyed due to the land exploitation and serious deforestation, etc. From the 1980s until now, the extending phenomenon ofTamarix shrubs caused by developmental projects such as building highway, railway was studied in the western dry area of China, including western section of Hexi Corridor of Gansu, railroads and highways around the two greatest basin in Xinjiang and interior regions in Gurbantonggut desert, through on-the-spot survey along the transportation lines and setting up sampling plots along the roads. It was found that large quantities ofTamarix plants grow in the catchment area of low-lying lands that were formed by bulldozer operation during road building period. The extension ofTamarix shrubs caused by engineering was similar to that of the other section of the area to some extent, but went beyond the original distribution. This extension is beneficial to the ecological restoration and re-vegetation of western region of China and plays an important role in control of the sandstorms and improvement of ecological environments. As a result, it is necessary to make a further study on the extending phenomenon ofTamarix shrubs and to seek approach to promote wider extension ofTamarix shrubs in suitable habitats. Foundation Item: This study is supported by key projects of National Natural Science Foundation (39730100), National Foundation (30070640) and part of Project 973(G19990435). Biography: Huang Pei-You (1936-), Male, Professor in College of Life Science and Technology, Xinjiang University, Urumqi, 830046 Responsible editor: Chai Ruihai     

干旱区开发工程引起柽柳植丛扩展现象研究

柽柳植物以其适应干旱、盐碱等恶劣环境而自然生繁于我国干旱地区，又以其强大的防风固沙能力在干旱区备受关注。“红柳沙包”是干旱区颇为特异的生物景观。近数十年来，由于土地开发和樵伐等原因，柽柳植丛逐渐衰退，由柽柳植丛形成红柳沙包也被严重破坏。从20世纪80年代至今，作者在我国西部干旱区，含甘肃河西走廊西段，新疆两大盆地周围的铁路，公路沿线和库尔班通古特沙漠腹地，通过沿交通线踏查和样地实测，对由建设工程(如修建公路、铁路等)所导致的柽柳迅速扩展现象进行了研究。研究发现在修筑公路推土机作业所形成的洼地积水区有大量柽柳植丛生长，由工程建设所引起植丛扩展现象的与该区其他地段柽柳的扩展颇相类似，但已超出其自然分布的格局。这类植物的扩展有益于中国西部地区的生态建设植被恢复，对遏制风沙，改善西部环境起到重要作用。因而有必要对柽柳植丛扩展现象进行深入研究，探索促进适宜生境柽柳植丛广泛扩展的方法和途径。参19。