基于中国市场的房地产期权研究  

The Research of Real Estate Options Based on China Market

作　　者：秦笙[1] 陈阳[1] 袁放建[1] 

机构地区：[1]陕西师范大学,西安710062

出　　处：《工业技术经济》2011年第8期156-160,共5页Journal of Industrial Technological Economics

摘　　要：面对日渐繁荣的中国房地产市场,房价涨幅过快、过高已经是一个不容回避的问题。房地产期权作为一种创新型投资理财工具,在欧美和亚洲金融衍生品市场几乎完全空白,能够有效对冲房价过快上涨的风险,改变中国购房者传统购房观念,间接缓解房地产价格过快上涨的压力。本文基于中国市场对以房地产价格为标的物的期权产品进行研究,以西安市房地产市场为例进行模拟分析,结果表明,房地产期权可以满足普通购房者对冲房价过快上涨的避险需求,转变传统购房观念,缓解短期购房压力,降低房地产市场的整体风险,在一定程度上促进房地产市场平稳有序的发展,具有十分显著的现实应用价值。Confronting the prospering real estate market in China, the housing price increased too fast and too excessive which has become a prohlem we can not avoid. As an Innovative tool for investment and financial management, real estate options has not spread widely in the market of finandal derivatives either in Europe and America or in Asia, however, it can hedge the risk caused by the rapidly increasing housing price and change the traditional perception on housing purchase of Chinese people, which will give rise to a remission of the pressure resulted by the rapidly increasing housing price. This thosis focuses on researching the options products which take real estate price as the subject matter. The modeling analysis is carried out by using the Xi＇an real estate market as the example. The result shows that real estate options could satisfy the hedging demand of common oonsumers. Besides it can help change the traditional housing purchasing perception, amortize the short - term housing purchasing pressure, lower the system risk d real estate market. Moreover, to some extent it can advance the stable and oaierly development of zeal estate market. Real estate options has a sigruificam value of practical applica- tion.

关 键 词：房地产期权 实物期权 期权定价 房地产 期权 

分 类 号：F832.5[经济管理—金融学]