Real Option Method Based On The Assesst Of The Value Of Tourism Investment Projects

The end of last century a large number of domestic and foreign scholars after deep and careful research,explore the theory,real option theory in this paper,we study.The real option has a deep influence not only on the theoretical significance(he influenced the scholars at home and abroad on the theory of continuous exploration and development,is well-known domestic and foreign scholars eyes gradually transferred to the new evaluation field,enrich the theoretical scholars in the field of new evaluation study of real options)makes real option had certain development at home and abroad.Real option theory is of certain theoretical significance in addition to the theoretical also has the guiding significance in practice,physical assessment is used in great quantities in the practice of innovation in the field of practice.Moreover,physical evaluation way of application in practice makes the evaluation more accurate and reliable.In this paper the study of real options is more pay attention to its instructional significance to practice,the theoretical guiding significance to the more enriched the theory of real options.Applying real options to tourism,expands the application range of real options,and makes the real option method can hook and evaluation field,is advantageous to the diversity and selectivity of evaluation method.Will make the selection of evaluation methods and application in the field of assessment of assessment more accurate and more consistent with the actual.Not only that the real options method is the supplement of traditional economic method and shows that this supplement will greatly improve the method of traditional economic uncertainty,the use of this method makes the traditional economic evaluation in creating value is more reasonable.Is fundamentally in the research of scholars both at home and abroad,this paper through the model created a variety of options such as binary tree and Black-Scholes model,by establishing a model to calculate the option value,and concluded the feasibility of the theory in practice.In the process of building model,the determination of parameters in real option pricing model is difficult to determine,this article is on the basis of summarizing lots of literatures,determine the binary tree model and the parameter error of Black-Scholes model and the number,the method of determining the although there is a practical method,but this determination method can greatly reduce the possibility of error occurred.In this paper,the research not only to the physical world has important theoretical guiding significance,more investment theoryhas the practical significance.