案例研究:飞机购置实物期权分析
2015/07/15
This paper demonstrates that aircraft acquisition by airlines may
contain a portfolio of real options (flexible strategies) embedded in
the investment's life cycle, and that if airlines rely solely on the
static NPV method, they are likely to underestimate the true investment
value. Two real options are investigated: i) the “shutdown-restart”
option (a carrier may shutdown a plane if revenues are less than costs,
but restarts it if revenues are more than costs), and ii) the option to
defer aircraft delivery. We quantify the values of these options in a
case study of a major U.S. airline. The economic insight could help
explain observed capital expenditures of airlines, and serve as a rule
of thumb in evaluating capital budgeting decisions. A compound option
(consisting of both the shutdown-restart and defer options) is also
analyzed.
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Real option analysis of aircraft acquisition: A case study(
2.81M
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20161223030752.pdf |