| The title of this thesis is "Model Research on real options of shipping company’s port investment decisions".By analyzing the related theories of shipping companies’ port investment and the traditional theories of port investment decisions in shipping companies, obtain the applicability of real-options theory in port investment. On the basis of real-options model,correcting the traditional net present value and considering the non-project options of shipping company’s port investment, to analyze the real option model of shipping companies’port investment decision empirically. Specific contents of this thesis as follows:First chapter mainly analyzes the background of the topic selection and meaning, the research reviews at home and abroad, the research contents and the methods used in the process of composing the article.Second chapter analyzes the theory of shipping companies’port investment decisions, including characteristics, classifications and value of port investment, discusses the necessities to the special investment entities, analyzes the investment mode and influencing factors, and basic decision methods on shipping company’s port investment.Third chapter analyzes the real option theory from the financial option theory, combines with the characteristics of the port investment leads the applicability of real option to port investment in shipping companies.Analysis of the limitations of the traditional net present value method,which considers the options’value of the project.The fourth chapter is the key chapters of the article, first analyzes the basic theory of real options model, and then establishes the function of the project outside options and makes a qualitatively analysis. In the basis of the chapters above, builds the model according to the process of port investment decisions.The last chapter comes to a conclusion through the research above, points out the shortcomings of the article exist and problems need to be solved in the future. |
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