The Real Options Approach Applied Research, In The Leasing Decisions

In recent years, leasing business is growing quickly and accepted by more people in the worldwide. Leasing business plays an increasingly important role in economic affairs. Leasing business in the development process is also derived in many ways, each approach has its own characteristics, so companies face a variety of leasing options often need to select an optimal lease. Decision-making is different lease conditions, the length of different ways, through comprehensive, thorough, accurate economic analysis of the program to make the best choice. Leasing is a business decision right or not reasonable and scientifically important guarantee for the use of funds.The traditional method of leasing decisions (such as: net present value, internal rate of return method, payback period method) is the main decision-making tool for policy makers. But in today's rapidly changing market economy, the leasing of the actual occurrence of the phenomenon of more and more of these traditional methods can not be explained. These are the decision-making tool because traditional leasing there are some unavoidable weaknesses, such as their course of business decision-makers ignored the value of management flexibility. Which can compensate for these weaknesses as a decision-making method - calculation of real options, then get more and more accepted and used.On the basis of combining the studies on the theory of domestic and international real options decision-making, this article mainly researches the application of the real options method on the leasing decision-marking. It first analyzes the existing uncertainty and management flexibility in the process of leasing, points out the limitations of traditional leasing decision-making method to these leasing traits, and leads to the real options theory and method. And then making an example of aircraft leasing decision-making, this article analyzes the traits of real options towards two aircraft leasing methods which are aircraft management leasing and aircraft financing leasing, and constructs the corresponding real options pricing model. Finally, via the appliance of examples, compared with the differences between traditional leasing decision-making method and real options method, the article comes to a more scientific and reasonable real options method conclusion.The purpose of this thesis is to overcome the defect of the traditional rental model and implementation of policy assessment through the application of real options approach, Provide a value decision-makers and decision-making tool to the managers of our country , and provide a reference supporting the ideas and methods especially in the face of aircraft leasing to airlines decision-making.