The Apply Of Real Options Method To The Invest Assessment Of Yalong General Aviation Low-altitude Tourism

With the gradual opening up of national tourism policies to low altitude,thedevelopments of low-altitude tourism are facing unprecedented opportunities andchallenges.And how to make correct invest decision for low-altitude tourism projectsevaluation is an important part of tourism development at low altitude. Because thetraditional valuation theory have inherent flaws in the invest decision for low-altitudetourism projects---it can’t use the uncertainly of projects to create value. Real optionsapproach is precise, because it can use the high uncertainly of investment projects tocreate value, through play “passive and active flexibility”largely avoid their negativeimpacts caused by uncertainty and retained its positive factors which attracted moreattentions.In this paper, a systematic introduction to Yalong general aviation tourism projectdevelopment and invest decision the real option characteristics，value and pricingmodels，combined with the actual investment of Yalong general aviation Co.Ltd.，scienceand reveals the advantages and applicability of real options in the field of application ofreal options，and provides a guide line for the evaluation of the entire tourism sectorinvestment projects.In this paper，tourism projects in the real options feature a qualitativeanalysis reveals the main factors that affect the value of the project the tourist flow.Thispaper introduces the real options model requires applications: Growth option model，amethod to determine the parameters of the growth model option，the option to build themodel，the conclusion that the economic results of the assessment.In the most，the use of project-specific data that tourism investment project, whichcombined with the option model to determine the method of this paper the parameters,then use a computer program to calculate the corresponding language results，and draw conclusions based on the results and make recommendations for future use of the methodas well as the inadequate methods in use to provide a more complete basis for optionsmethod in investment project evaluation，and ultimately provide a useful reference for thepractical application of the investor.