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Viability of building rehabilitation with real option approaches: an empirical study in Hong Kong

机译：采用实物期权方法进行房屋修复的可行性：香港的一项实证研究

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Purpose - The purpose of this paper is to evaluate the viability of rehabilitation from a financial standpoint and examine particularly whether a rehabilitation project is worth carrying out or not. Nowadays, rehabilitation has become all the more important in society. Theoretical option models may explain how to make an optimal decision, but in reality they seem to lack empirical evidence when it comes to some situation. This paper aims to use option models to gauge the likely gain/loss from rehabilitation in face of uncertainties. It seeks to bridge the gap in the rehabilitation field between theory and application for facilities managers and property owners alike. Design/methodology/approach - The binomial option model and Samuelson-McKean closed form model are utilised to evaluate the likely financial benefits of the two major rehabilitation schemes, exploring option premiums and hurdle values. The real option approaches provide a useful framework within which to gauge a likely gain (loss) and ascertain the viability of rehabilitation in the midst of uncertainties. Findings - The real option approaches produce two outcomes values, the option premium and the hurdle value, which are able to provide insight into the likelihood of rehabilitation for facilities managers/property owners in the intricate and dynamic markets. The higher the option premium, the more attractive a rehabilitation project will be. And the hurdle value usefully reveals a critical timing for exercising rehabilitation. Research limitations/implications - This paper provides a necessary support for sustaining the rehabilitation schemes. It presents an adequate alternative to examine the value of rehabilitation by taking into account uncertainties in real life. It is useful for facilities managers and property owners, who sometimes neglect potential benefit/loss in the uncertainties when making an investment decision. Practical implications - This paper has established the framework for evaluating the rehabilitation schemes that has practical implications for decision making. The facilities manager, property owner and government should make some adjustments in formulation of their rehabilitation policies and strategies. Originality/value - This paper provides facilities managers with a means in which the real option approaches are embedded to express benefit/costs of rehabilitation. With the aid of this information, facilities managers/property owners are able to evaluate rehabilitation more effectively and enhance the decision-making quality.
机译：目的-本文的目的是从财务角度评估康复的可行性，并特别检查康复项目是否值得执行。如今，康复在社会上已变得越来越重要。理论期权模型可以解释如何做出最佳决策，但实际上，在某些情况下，它们似乎缺乏经验证据。本文旨在使用期权模型来评估面对不确定性时康复可能产生的收益/损失。它试图弥补设施管理者和业主之间理论与应用之间在康复领域的差距。设计/方法/方法-二项式期权模型和Samuelson-McKean封闭式模型用于评估两个主要康复方案的可能的财务收益，探索期权费和关口价值。实物期权方法提供了一个有用的框架，可以在其中评估可能的收益（损失）并确定在不确定情况下进行恢复的可行性。调查结果-实物期权方法产生两个结果值，期权溢价和障碍值，它们能够洞悉复杂多变的市场中设施经理/财产所有人的恢复可能性。期权费越高，康复项目就越有吸引力。障碍值有效地揭示了进行康复的关键时机。研究局限性/意义-本文为维持康复计划提供了必要的支持。通过考虑现实生活中的不确定性，它提供了一个适当的替代方法来检查康复的价值。这对于设施经理和物业所有者很有用，他们有时在做出投资决定时会忽略不确定性中的潜在收益/损失。实际意义-本文建立了评估康复计划的框架，该框架对决策具有实际意义。设施经理，业主和政府应在制定其修复政策和策略时进行一些调整。原创性/价值-本文为设施管理者提供了一种嵌入实物期权方法的方式，以表达康复的收益/成本。借助这些信息，设施经理/财产所有人可以更有效地评估康复情况并提高决策质量。

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