| The large-scale of tourism investment projects and the uncertainty of returns made more and more investors choose the multi-stage investment model to avoid the risk and to increase the investment return. The phased investment and the traditional investment method are different in the investment decision-making and management methods, the former need the investors to adopt a flexible approach to deal with the uncertainty. However, the tourism investor's investment decision-making thought is fettered in the traditional investment decision-making frame, and not taking into account the specificity, dynamics and flexibility of the multi-phase project investment decision-making and management of tourism activities. Therefore, the theory of real option which is the most advanced investment theory was introduced in the thesis and combining with decision-making, tourism economics, finances, value chain, project investment, dynamic management, risk management and flexibility management theory studied the multi-stage investment tourism project flexible management by the comparative analysis, qualitative analysis and quantitative analysis methods.1. Multi-stage investment in tourism projects with multi-stage investment, phased operation, considerable independence of sub-project, little investment risk, more options of flexible management, such as characteristics; Its value not only comes from the value of net present value, but also from the value of flexibility, relevance value, strategic value, etc. Its investment management has the process, the complexity and uncertainty, and may use these characteristics to increase the project value and avoid the risk through the flexible management.2. The value of multi-stage investment in tourism projects can be seen as the constitute of the net present value, real option value and strategic value. However, the investment characteristics of each stage, uncertainty and risk factors are dynamic changes, therefore, the constituent elements of the... |
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