本文为芬兰拉普兰塔理工大学（作者：Mikko Kaukonen）的硕士论文，共80页。
本研究探讨物联网投资的盈利能力分析。首先分析了物联网投资的一般技术层次，其次，介绍了与物联网投资相关的最重要的业务维度。最后，通过一个真实案例分析了物联网投资的盈利能力分析，比较了具有物联网能力的工业设备与没有物联网能力情况下的所有权总成本花费。根据所有权总成本分析的结果进行投资盈利能力分析，以确定物联网设备在9年投资期间的财务效益。将传统盈利能力分析的内部收益率法、回收期法、净现值法与实物期权估值方法进行比较，分析物联网投资是否需要更先进的盈利能力分析方法，例如实物期权价值评估方法。所有权总成本分析结果表明，物联网设备的终生成本比一般的工业设备低。对收购物联网设备的盈利能力分析结果表明，这种投资在财务上是盈利的。对盈利分析方法的比较结果表明，由于物联网投资的高不确定性，实物期权估值方法更适合用于实际操作的评估。因此，与传统方法相比，较先进的盈利能力分析方法（例如实物期权估值方法）在分析与物联网投资有关的资本预算决策方面是有利的。
This study explores the profitabilityanalysis of an Internet of Things investment. First the general technologicallayers of an Internet of Things investment are analysed. Secondly, the mostrelevant business dimensions related to the Internet of Things investment arepresented. Finally, the profitability analysis of an Internet of Thingsinvestment is analysed with a reallife case where Internet of Things -capableindustrial machine is compared to an older version without the Internet ofthings capabilities in a total cost of ownership analysis. Based from theresults of the total cost of ownership analysis an investment profitabilityanalysis is calculated to determine the financial benefits of the Internet ofThings -capable machine during a 9-year investment period. Traditional profitabilityanalysis methods of internal rate of return method, payback method and netpresent value method are compared to real option valuation method to analysewhether Internet of Things investments would require more advancedprofitability analysis methods such as real option valuation methods. Resultsof the total cost of ownership analysis show that the Internet of Things-capable machine has lower lifetime costs than the compared industrial machine.Results of the profitability analysis for the acquisition of the Internet ofThings -capable machine demonstrate the investment to be financiallyprofitable. Results for the comparison of the profitability analysis methodsshow that real option valuation method is better suited for Internet of Thingsinvestments due to the high uncertainty related to Internet of Thingsinvestments and estimates related in its profitability analysis. More advancedprofitability analysis methods such as real option valuation methods aretherefore advantageous alongside the traditional methods to analyse capitalbudgeting decisions related to Internet of Things investments.
1 引言
1.1 项目背景
1.2 研究目的
1.3 研究局限性
1.4 本文组织结构
2 物联网
2.1 IoT技术分层
2.2 IoT业务维度
2.3 盈利分析
3 研究数据与方法
3.1 研究数据
3.2 研究方法
4 研究结果
5 结论
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