Research On Investment Decision Of Hefei Rail Transit Project Based On Real Option Theory

Urban rail transit is not only conducive to promoting the development of the city,but also involves the vital interests of urban citizens and foreigners.At present,the investment in domestic urban rail transit is mainly based on government support and financial appropriation.Rail transit projects have a long construction period and large investment,and the return on investment is difficult to evaluate scientifically.Even the cost-benefiting project investment cannot be blinded.Whether it is municipal financial funds or debt funds,it will be a huge burden for each city.The investment entity(government)needs to fully analyze the value of the project and Scientific evaluation,thereby improving the accuracy of investment decisions.In response to this problem,on the basis of analyzing the limitations of traditional methods to deal with investment decision-making problems,this paper takes Hefei Rail Line X as an example to study the uncertainty problems existing in urban rail transit engineering,and elucidate the physical The basic concept and classification of the option method,the application effect of the traditional investment method and the real option investment method are compared,and finally the feasibility of applying the real option method to urban rail transit projects is given.Then,according to the actual problems and engineering economic characteristics of urban rail transit engineering projects,the paper proposes a pricing model based on B-S real options,builds the application model of real option method in urban rail transit project investment decision-making,and preliminarily determines the urban rail transit project.Application model in investment decision and real option pricing method for investment decision of urban rail transit project.The characteristics of urban rail transit projects are described in detail,and real options are introduced into the investment evaluation of rail transit construction projects to make up for the shortcomings of traditional evaluation methods,improve the evaluation methods of such projects,and form a more accurate investment decision-making system for urban rail transit projects.my country’s urban rail transit and other infrastructure construction investment decisions are of great significance...