The Analysis Of Investment Portfolio Value And The Research On Risk Control Of Real Estate Enterprises With Real Option As The Basis

Value analysis is the basis or premise of all investment activities. Investment value analysis, namely the appraisal of inner value of investment objects, is a branch of science and an art from some point of view. It needs to comprehensively utilize many aspects of knowledge such as economics, financial accounting and investment science etc. and have a comprehension of enterprise management and practical operation. Analysis of real asset investment value should be a process of unifying fundamental research with practice application.With the flourish of Chinese real estate industry, the investment in real estates is carried out in the main form of real estate mortgage loan on the basis of the real estate rights and interests, which has characteristics of long-term investment, pursuing stable income and value maintenance and appreciation with the application property of real assets. The real asset appraisal must establish a set of science system, dynamic value appraisal technology and management measures.The investment in real estates, as the most real assets investment, has three essential features: investment irreversibility, when environment or condition has changed, the investment property will not be promptly liquidated with the premise of producing no loss; The future income of the real estate investment is uncertain including the uncertainty of property rental income and dynamic change of property price. Real estate investment has obvious opportunity selectivity, which has a leeway for decision of free selection of investment to some extent and within some time extension. The above-mentioned irreversibility, the uncertainty and the possibility of decision-making extension are the foundation of real option existence; and under the condition of future uncertainty, investment option as a kind of opportunity cost is equal to option value, which is an important component of the property value. On the basis of uncertainty of real estate price, starting from the flexibility of investment decision of real estate and asset management, the paper carries out the research on two issues as value discovery of real estates and asset structure optimization. The chapter structure of the paper is organized from the value discovery of concrete property to the structure optimization of combination investment and the dynamic disposition of overall property. The premise of the research is the uncertainty as the principal conditions at the complete market, and simultaneously carrying on amendment to the important non-complete market factor.The article is composed of seven chapters. By relevant theories, the paper carries on the analysis of real investment value with real estate as a representative and puts forward a strategy of risk control of investment project of real estate, taking the example of comprehensive development of Shangrao Longtan Lake Area. The developmental project of Longtan Lake Area is a key project in the central area of exploitation and construction: after the renovation of Longtan Lake and reconstruction of lakeside forest view, a natural leisure center of ecological forest integrating tourism with residence is constructed with garden-like hotels and Longtan Lake as the core spot. The project executor Jiangxi Jinyang Municipal Comprehensive Construction Co., Ltd is planning to establish a project company together with city investment company enjoying the complete government investment; city investment company becomes a shareholder with government's land; with the qualifications for general contract of municipal building construction and real estate development, the project executor Jiangxi Jinyang Municipal Comprehensive Construction Co., Ltd will receive game benefits from the complex series of investment portfolio after utilizes self capital and fund investment of private placement in the portfolio investment of infrastructure, inner construction in combination of BT mode with own capital, besides cash and shares bought by city investment company with government's full investment, and carries out land remising with the market approach. This case in the article is an original investment portfolio. Obviously, this project research has certain theory significance and practical value.