通过对传统的房地产投资决策方法的基本假设及其缺陷的分析，指出了其不适应存在大量不确定性因素的房地产投资环境之处。由此引出实物期权思想并对其定价公式进行详细剖析，提出了实物期权分析方法运用于房地产投资决策中的总体思路，突破了传统投资决策方法的局限性，使投资决策更加科学、合理，并对房地产企业投资管理工作有一定的指导意义。

Through analysis of basic assumptions and limitations of the conventional real estate investment decision method, in this paper, its unconformity to the investment environment, which includes a great number of uncertain elements, is pointed out. By analyzing the real option and the price formula, the pattern of real option in real estate investment decision is put forward and this breaks through the limitations of the conventional investment decision method and makes the decision scientifically and reasonably, moreover, it has some directive significance to investment administration work of real estate corporation.

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