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Exotic option-based rural land-use right pricing model

机译:基于异质期权的农村土地使用权定价模型

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摘要

New Chinese rural reform and development strategy necessitates an open transfer market for rural land-use right. However, present evaluation approaches fail to reflect the fair market value of rural land-use right, which not only restricts the efficient rural land market development, but also injures the farmers' interests. Therefore, exotic option pricing method is employed into the pricing model of rural land-use right, which is now liberalized into the market as a main factor of production in agricultural sector. The pricing model highlights that the value of rural land-use right consists of income value and capital value, and build the equivalent portfolio to the underlying assets based on the financial engineering principle. The value of underlying assets is decomposed to the portfolio of two securities with existing evaluation: floating rate securities, and American real call option. The model argues that the net present value (NPV) of annual agricultural income on the rural land is uncertain due to the fluctuation of crop prices, and takes into consideration the potential capital gain from the contingent rural land-use right conversion, i.e. from rural land to urban land. The model not only gives new insights of the value composition of Chinese rural land-use right, but also incorporates the residual term of rural land-use right and accrued agricultural investment on the rural land, which can improve the pricing efficiency of the promising rural land market by the analytical expression.
机译:中国新的农村改革和发展战略需要开放的农村土地使用权转让市场。但是,目前的评估方法无法反映农村土地使用权的公平市场价值,这不仅限制了农村土地市场的有效发展,而且损害了农民的利益。因此,在农村土地使用权的定价模型中采用了外来期权定价方法,现在该模型已自由化为市场,成为农业部门的主要生产要素。定价模型强调农村土地使用权的价值由收入价值和资本价值组成,并根据金融工程原理建立与基础资产的等价资产组合。基础资产的价值被分解为具有现有评估的两种证券的组合:浮息证券和美国实物期权。该模型认为,由于农作物价格的波动,农村土地上年农业收入的净现值(NPV)是不确定的,并考虑了或有的农村土地使用权转换(即来自农村)的潜在资本收益。土地到城市土地。该模型不仅对中国农村土地使用权的价值构成提供了新的见解,而且还融合了农村土地使用权的剩余期限和对农村土地的应计农业投资,从而可以提高有前途的农村的定价效率。土地市场的解析表达。

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