CAJ | 학술논문

　　房地产开发中的各种不确定因素在增加项目风险的同时，也给投资者带来了新的投资机会，提升了项目的价值。传统的投资决策评价法因其固有的缺陷，造成房地产投资活动价值的低估，而实物期权方法为合理正确做出投资决策提供了有力保证。在对比分析传统 DCF 法和实物期权法的基础上，阐述了房地产投资中的实物期权类型，并通过案例分析了实物期权在房地产投资的中的应用优势，有利于帮助投资者做出更加科学、合理的决策。
　　방지산개발중적각충불학정인소재증가항목풍험적동시，야급투자자대래료신적투자궤회，제승료항목적개치。전통적투자결책평개법인기고유적결함，조성방지산투자활동개치적저고，이실물기권방법위합리정학주출투자결책제공료유력보증。재대비분석전통 DCF 법화실물기권법적기출상，천술료방지산투자중적실물기권류형，병통과안례분석료실물기권재방지산투자적중적응용우세，유리우방조투자자주출경가과학、합리적결책。
Uncertain factors in real estate development increased project risks at the same time,also brought new investment opportunities to investors,enhance the value of the project. Traditional evaluation method of investment decision because of their inherent defects,resulting in real estate investment activities of undervalued,and real options method for reasonable right to make investment decisions to provide a strong guarantee. This comparative analysis of the traditional DCF method and on the basis of real option approach set out the types of real options in real estate investments,and through a case analysis of the application of real option theory in real estate investment advantages conducive to help investors make more scientific and rational decisions.