实物期权理论视域下我国开发商闲置土地行为分析  

An Analysis of Property Developers Idle Land Based on Real Option Theory

作　　者：王宏新[1] 蔡梦晗[1] 邵俊霖[1] 

机构地区：[1]北京师范大学政府管理学院,北京100875

出　　处：《地域研究与开发》2013年第5期114-118,共5页Areal Research and Development

基　　金：北京市哲学社会科学规划项目(11JGC113);北京市社科联青年人才资助项目(2010SKL005);北京师范大学文科青年教师发展培育项目

摘　　要：运用实物期权理论分析我国房地产开发商闲置土地行为。土地作为一种有限资源,在推动城镇化进程发展和促进经济平稳发展中有重要作用,其能否得到有效利用关系重大。因此,将房地产开发商的土地投资决策视为一种实物看涨期权,从而解释了在市场存在不确定时房地产企业闲置土地背后的动因;并通过延迟投资期权定价模型(B-S模型)分析开发商开发土地最佳时机的决定和影响因素,借此为房地产企业做投资决策和政府调控土地市场提供参考意见。This article attempts to use real options theory to analyze the phenomenon of real estate developers＇ idle land. Land, as a kind of limited resources, plays an important role in promoting the urbanization development and stable development of economy. And it＇ s important to ensure that land is utilized in an effective way. This paper views a land investment decision as a real option and explains why real estate enterprises idle land when the market is uncertain. In addition, the paper analyzes the factors affecting the best time of land development based on delayed option pricing model and provides some ideas for real estate enterprises to make investment decisions and the gov- ernment to regulate the land market.

关 键 词：实物期权 B—S模型 土地闲置 开发商 

分 类 号：F293.3[经济管理—国民经济]