實(shí)物期權(quán)理論及其在城市污水處理BOT項(xiàng)目決策中的應(yīng)用研究.pdf

1、分類號UDC密級研究生學(xué)位論文實(shí)物期權(quán)理論及其在城市污水處理BOT項(xiàng)目決策中的應(yīng)用研究研究生姓名座盤強(qiáng)指導(dǎo)教師姓名三丞縣申請學(xué)位級別亟圭專業(yè)名稱壘照堂論文答辯日期呈魚!!璽曼旦學(xué)位授予E期壘旦申國海洋大學(xué)TheteaI—optiontheoryandit’sappIicationincitysewageBOTprojectAbstractwiththedevelopmentofSOCietyandeconomyofChina，thego

2、vernmentenforcestheadministrationtocitysewageDuetothesupportofthepolicies，theBOTmodebecomestheorientationofcitysewageproject，andpresentshugeinvestmentopportunityWhat’smore，citysewageBOTproject’ssealeishuge，it’speriodislo

3、ng，anditcommonlyisdividadintoseveralstagesButtraditionalNPVmethodignorestheflexibilityoftheproject，soitisunsuitabletoassessthiskindofuncertainprojectTherealoptiontheoryisnew—emergingdecisjon—makingmethodIthasoutstandinga

4、dvantageinassessmentof’uncertainprojectSounderthisbackgrounditismeaningfultostudyhowtoapplythereal—optiontheorytocitysewageBOTprojetl一Thispaperisdividedintosixchapters，andcompr[sesthree[JartSSuchasfollows：Thefirstpart：th

5、efirstpartcomprisesthefirstchapterandthesecondchapterItbelongstothepieceofinvestmentdecision—makingtheoryThispieeecompletelyexpatiateswiththetradi“onalinvestmentdecision—makingmethodsandthereal—optiontheory，comprjsingthe

6、maincontentsandtheprocessofapplicationBycontrastwithNPVmethod，thepieceshowstheadvantageofthereal—optioninprojectassessmentThesecondpart：thesecondpartcomprisesthethirdpartandtheforthpartItbelongstothepieceofanalysisofcity

7、sewageBOTproject’sreal—optioncharactersThispieceobjectirelyanalyzesthereal—optioncharactersoi’citysewageBOTprojectAndbasedonB—Spricingmode，thepapersetSuptheapplicablereal—optionassessmentmode，whichconsistsofSinglestagean

8、dmuttistageoptionpricingmodesAtlastthepaperdeeplystudiestheparametersinthemodeThethirdpart：thethirdpartcomprisesthefifthchapterqndthesixthchapterIbelongstothepieceofappll【：ationinanexamp【eInthispiece，thepaperanalyzesanex

9、amplewhichthewriterhasgoneinforwiththereal—optionmethodAndthepaperalsocontrastsitwithNPVmethodWhat’smore，thesensitivityofeachparameterisstudieddeeplyAtlastthepapershowsthequestionsweshouldpayattentiontointheprocessofappl