Research On The Theory And Application Of The Real Estate Investment From The Visual Angle Of Real Option

Accompanied by the development of city and the rapid growing of the number and scale of city, the real estate industry has become the objective condition of modern real estate economic activities since the rising up of the real estate industry in our country in 1980s, Which provides development space for the real estate industry. The real estate industry grows vigorously and displays the state of high-speed increase in recent years. It has already turned into the engine and pillar industry of economic increase in our country. However, the history of real estate research is comparatively short in our country, still in elementary stage. Most of the research on real estate focuses, starting from the methods of traditional investment analysis, on the investor's cost, income and risk, investment circle and some macroeconomic models, etc.. But however, the real estate industry, concerning other every industry and having big influence on state policy, environment, regional economy and culture, exists great uncertainty. In addition, with day by day intense market competition resulting from unceasing development of market economy in our country, how to utilize modern investment theory, uncertainty theory, option game theory and strategy management theory to comprehensively research the investment decision of real estate and the strategic management of real estate enterprises is a project with great significance about promoting the research on the investment decision theory of real estate and the strategic management of real estate enterprises.It will guide and strengthen the decision management capability of project investment and strategic investment of real estate enterprises and enterprise's competitive ability in order for enterprises to keep subsistence, development and sustainable and stable increase in the market competitive environment.In combination of the practices of real estate investment and running, this dissertation reviews and researches the traditional investment decision theory of real estate, points out the defects of the traditional theory and method of real estate investment decision, expounds the real option theory in detail, and discusses the investment decision framework and decision analysis method of real estate from the visual angle of real option.It also introduces the option game theory and researches how to compete effectively in competitive environment for the purpose of developing and strengthening enterprises.At last, it probes into how to utilize the strategic thought of real option to make decision and strategically invest for real estate enterprises in orderto keep enterprise's sustainable development. The major originalities of this dissertation are displayed as follows:Firstly, its research angle is new. Most of former documents mainly focuses on the investment decision of real estate project. But this dissertation researches the investment decision of real estate from the visual angle of real option and strategic management. It not only researches the investment decision of concrete projects, but also inquires into the strategic investment decision of real estate enterprises from the strategic altitude.Secondly, its scope is wide. It not only elaborates the application of the methods of traditional investment theory in real estate investment, but also expounds the methods of modern investment portfolio, real option decision, uncertainty investment theory and application of real estate option game decision in competitive environment. It also discusses the method of strategic investment decision of real estate enterprises from the visual angle of real option.In the end, its systematicness is strong. It not only comprehensively introduces the concept, framework and status quo of real estate investment, but also systematically introduces modern investment theory and methods. It not only concentrates on theory discussion, but also gives out the cases of solving problems in application. It not only sets up simple framework of project decision, but also puts forward systematic framework of compound investment decision. This dissertation's research is of comparatively good guiding significance for the investment decision and strategic management.