The Research Of Capital Assets Appraisal Based On Real Options

During assets management, it is a very important problem which is also desiderate to be solved in practice how to correctly assess enterprise's capital assets, reasonably confirm assets value, promote reasonable flow of enterprise's assets and distribution of production factors, guarantee constantly to improve economy benefit and ensure allowable rights and interests of some relative respects.Some methods are currently applied to assess capital assets such as replacement costing method, market value method, income-discounted method and so on . They all have a same premise that ownership and use right of capital assets belong to assets owners and only one passive choice of capital assets the owners have is to possess. However, the premise can't be applied to some kinds of assets such as leasing assets. Lessee is entitled to choose re-renting or quit renting on the date due of contract. That is to say assets owners have the right to continue to possess but have no obligation that must continue to possess on the date due of contract or during some expected time. In other words, owners have flexible choice of whether to possess the assets or not. So the value of this " flexibility " should be included in the one of this kind of capital assets.The options is such a contract. The buyer has the right to decide whether to carry out the options within time that the contract stipulates or not but has no obligation that must carry out the options, and the seller of the options must perform duty of stipulating unconditionally according to the contract when the buyer decides to carry out the options. The most entitative character of options is to have "choice"right. Something can be made a price by means of the thought of available options so long as it has a choice character. When the theory of options pricing is applied to financing and assessment and other fields, we call it real options pricing.Therefore, for leasing assets which have a choice right of decision flexibility, it is very reasonable to make their price by means of real options pricing method and assessed value is also more objective and truer. Based on this, the paper explores to apply real options pricing method to make the objective and just and sound assessment of operational leasing assets at full thought of its decision flexibility about re-renting or not and included character of real options.The paper is divided into eight chapters.Chapter 1, Preface. It describes mainly the source of the subject, purpose and meaning, main content and basic thought for this investigation and so on.Chapter 2, The analysis of traditional capital assets assessment method. It discusses the basic theory, traditional assessment method and some problems exiting in capital assets especially leasing assets.Chapter 3, Research of domestic and international capital assets assessment. It briefly introduces forefathers' research results of capital assets especially leasing assets assessment.Chapter 4, Theory of real options pricing. It briefly introduces some basic concepts and pricing theory of options, and some basic concepts and pricing thought of real options.Chapter 5, Research of real options pricing for capital assets. It analyses the options character of operational lease and capital assets, describes its thought of real options pricing. What is more, it draws a common thought and course of capital assets pricing based on real options pricing method.Chapter 6, Analysis of tanker lease of Nanjing Oil Transport Company. Combining with the research of the subject, it compares the transportation development way of Nanjing Oil Transport Company and stressly compares the tanker lease manner.Chaper 7, Application for real options pricing for capital assets. Combining with practial case of operational leasing assets for Nanjing Oil Transport Company, it applies real options method to assess tanker pricing based on the thought which is used concretely to analyse operational leasing assets assessment by means of real options pricing method.Chapter 8, Conclusion. It draws some conclusions a...