基于复合期权的土地储备估值模型研究  

To Study on Valuating Model of the Land Reserve Based on the Composite Options

作　　者：游达明[1] 徐鸣[1] 

机构地区：[1]中南大学商学院,长沙410083

出　　处：《价值工程》2008年第7期35-37,共3页Value Engineering

摘　　要：土地储备是一种重要的战略资源,其价值与经济社会的发展和是否景气以及市场对土地需求的波动密切相关。基于土地储备的期权特性,将土地储备的价值分解为一系列放弃期权和扩张期权组成的复合期权的价值,研究了在土地储备使用年限内两种期权之间的相互影响,最后对土地储备的价值给出了具体的解析计算公式。The land reserve is an important strategic resources and its value is correlative inseparably with developing of the society and ecomomy as well as fluctuating of requirement of the land in market.Based on the land reserve＇s nature of the options, this paper transforms the value of land reserves into the value of composite options, which is consist of a series of abandon options and expansion options, It also researches the interaction between two types of options during the life of land reserves, and gives a specific analytic formulas about the value of the land reserves.

关 键 词：土地储备 复合期权 放弃期权 扩张期权 

分 类 号：F301.3[经济管理—产业经济]