基于实物期权理论的农村土地经营权价值评估探讨

农用土地的经营收益具有高度的不确定性,经营项目、经营环节、经营方式具有多种选择性。实物期权理论在传统的估值理论之上增加了动态的视角,善于捕捉不确定条件下经营者相机而动决策的灵活性价值,能有效提高农用土地经营权定价的科学性和合理性。文章首先论述了实物期权理论的核心思想、实物期权的基本类型、期权定价模型的基本假设、定价原理、与传统估值法的比较优势,然后对国内外有关实物期权理论的应用研究现状进行综述与分析,最后从研究目标、研究思路、研究方法、研究样本、研究重点、学术价值和应用价值等方面,对实物期权理论在农村土地经营权价值评估的应用问题提出了展望。

Discussion on Rural Land Management Right Value Evaluation Based on Real Option Theory

Operating earnings of agricultural land has a high degree of uncertainty.The projects, processes, as well as the operating way of the agricultural land management has a variety of options. The real option theory with dynamic perspectives added to the traditional valuation theory is good at capturing decision flexibility value of the operator tak?ing opportunities under uncertainty, and improving the scientific nature and rationality of agricultural land pricing.In this paper, firstly discusses the core ideas of real option theory, the basic types of real options, the basic hypothesis and pricing principles of the option pricing model,and the comparative advantages to the traditional valuating methods,then carries on the review and analysis of domestic and foreign about real option theory applied research, finally from the as?pects of research objectives, research ideas, research methods, research samples, research focus, academic value and application value, the application of the real options theory in-depth study of rural land management rights value as?sessment problem is put forward.