Investment Decision Analysis Of Public Parking Lot Based On Real Option

Reviewing the development of public parking lot in recent years,the government has issued a lot of policies to encourage the construction of public parking lots,but most of the cities still meet the contradiction between the public parking demand and the uneven development of public parking construction.The public parking lot has a large investment,long return period and extremely unstable income.The traditional investment decision method is difficult to reflect the real value of the project and can not provide a scientific and reasonable decision basis.The real option method has some advantages in such uncertain projects.Therefore,the application of real option to the public parking lot can better serve the project decision and speed up the city construction.This article is divided into three parts.The following is as follows:The present situation of real option method at home and abroad is analyzed,the construction status and investment characteristics of the public parking lot are fully expounded,the traditional investment decision-making method is reviewed,the limitations of the traditional methods are put forward,and then the advantages of the real option method are introduced.Then,a comprehensive analysis is made of the uncertainty in the public parking lot project,demonstrating the applicability of the real option method in the public parking lot project.The discrete-time and continuous real option pricing model is derived.On the basis of the traditional NPV method,the value evaluation model of the real option in public parking lot is constructed,and the setting of the parameters in the model is discussed and studied.Finally,through the analysis of the actual cases,the difference between the traditional method and the real option method in the decision results is compared,and the results of the study are verified.The real option method fully excavates the investment value of the project,avoids the traditional method decision and abandoning the better investment opportunity,and analyses the sensitive factors of the real option method.