Study on the Evaluating Ship Investment Decision Based on Ternary Tree Pricing Model of Real Option

摘要

Ship investment is one of the most fundamental operating activities of shipping enterprises which affects the developmental strategy and operating effectiveness of the companies. The concept and technique of real options provide a dynamic theory on ship investment evaluation, considering the risk and uncertain factors in ship investment comprehensively. In this study, based on research — conducted both in China and abroad - on ship investment and real option, the Ternary Tree Pricing Model of Real Option is built, and the superiority of this model in evaluating ship investment decision is analyzed, and the fact that using this model to evaluate ship investment projects turns out to be more scientific is proved.