The Study Of Ship Investment Based On The Portfolio Theory

Ship investment is one of the most important activities in shipping company. It is related to the overall production and operation of the shipping company and has a direct impact on the operation and the future development of the shipping company.Since the international shipping market is greatly affected by the world economy, the ship investment has the character of complex and volatile. So, the study of the method of the ship investment can help the shipping company to avoid the risk and to improve its market competent ability. Therefore, the paper has the important theorecial and practical significance.Based on the related domestic research, the paper apply the portfolio and real option theory on the shipping investment. The main contents of the paper were as follows:First, set up the portfolio model of the ship investment. We choose seven type of ships in bulk shipping market as the sample ships. Then analyze different portfolio ships and confirm the efficient portfolio bordline.Secondly, analyze the sensitiveness of the sample ships, calculate theβvalue of the optimal portfolio.Thirdly, apply the real option method to decide the time of investment. The method used is the binomial tree, thus we can simulate the decision process dynamically. The method can avoid the disadvantage of the neglect the flexibility of the traditional method in investment decision and can help the decision maker to make the reasonable decision.Finally, the article summarized the conclusion of the paper...