Research Of Shipbuilding Industry Fixed Assets Investment Decision-Making Based On Real Options Theory

Shipbuilding industry is a large manufacturing industry, capital-labor-technology intensive and risky investment. Besides, the shipbuilding industry is a comprehensive industry, it provide technology and equipment to shipping, ocean development and national defense, has a strong leading role to steel, petrochemical, light industry , Textile, equipment manufacturing, electronic information and other key industries.Shipbuilding industry is affected by the international financial crisis, the introduction of "ship industrial restructuring and revitalization plan, "shows that the shipbuilding industry occupies an important position in China's economic development.This research work will contribute to real options theory into China's shipbuilding enterprises fixed assets investment evaluation and decision making, rich the regulate and improve its investment methodology, which can accurately and comprehensively assess the shipbuilding enterprise fixed assets investment projects value and risks, and making more scientific and rational investment decision.In this paper, the fixed assets investment decision is the research object. Firstly, focus on the development state of China's shipbuilding industry and fixed asset investment decisions making knowledge, including economic operation of China's shipbuilding industry and the basic competitive situation, the overview of shipbuilding enterprise fixed asset investment, traditional evaluation methods and real options theory description and comparison.Secondly, the shipbuilding enterprise real option application framework is formed, proposed applications assumption, analyzed different types of investment's options characteristics, the application specify steps and provided methods to determine the parameters of real options.Finally, the paper provides an empirical analysis of fixed assets investment case of shipbuilding enterprises.In the paper, meanwhile, proposes the inadequacies of the paper and further research directions.