Study On Capital Management In Construction Project Based On Pricing Theory Of Financial Derivatives

With the development of the construction project scale, the project management become more and more important and complicate .The development in many subjects also accelerate the development of the theory of construction project management, such as the application of probability theory in quality control, the broad application of quota management theory in the investment control, the broad application of the operation theory in schedule control ,application of the computer instrument in the dynamic management of project, etc. In recent years, the application study of option pricing theory(OPT) in construction management also become a noticeable area by the researcher. Option is the core instrument of the financial engineering. Owe to the contribution of option pricing theory, Black and Scholes won the 1997 Nobel Prize. In last decade, the application of the OPT become more and more widespread. At the beginning, the OPT was used to determine the price of the financial instrument, to management the risk, in recent years, it begin to be used to decision in investment, valuation of corporation, corporation governance and finance arrangement under asymmetric information; the industry range from pharmaceutics, oil drilling, mining, management of supply chain, R&D budget, software sales, semiconductor to even war .OPT is also be used in construction project management, such as pricing of real estate mortgage, decision method of real estate investment, lease contract of real estate, after 2000 years, OPT began to be used in detailed management of construction project, such as the maximum protect price contract, purchase contract of construction material. It can be conclude that every progress of OPT will do good to application study of construction economy(park and chan,2000).There is also some good domestic results, but because there is no option market in china now, this give strong constraint to the theory study and application study of option. Based on absorbing the predecessor researcher's result, I carried some option related study in construction management; wish I have done trivial work. The main parts are as follows:1.Because of the asymmetric information in construction project between the big shareholder and the small shareholder, there usually occurred the invasion of the benefit of small shareholder by the big share holder in our country ,its result is that...