基于延迟期权的页岩气矿权闲置对策研究  

Research on idle shale gas mining rights of options to defer

作　　者：罗开艳[1,2] 周效志[3] 

机构地区：[1]贵州省煤层气页岩气工程技术研究中心 [2]贵州省煤田地质局实验室 [3]中国矿业大学

出　　处：《国际石油经济》2016年第11期56-60,共5页International Petroleum Economics

基　　金：中国地质调查局资助项目(12120114020201);贵州省科技重大专项资助项目(黔科合重大专项字[2014]6002号)

摘　　要：页岩气开发项目具有复杂的不确定性。开发商基于项目的延迟实物期权考虑,做出延迟开发的决策,以实现自身利益最大化,但造成矿权闲置现象。在分析页岩气开发项目实物期权定价模型的基础上,针对开发商延迟开发导致的矿权闲置问题,提出相应政策措施。具体包括:将财政补贴与开发时间相关联;对矿权闲置进行行政处罚;政府通过加强地质勘查、技术研发、相关基础设施建设的投入,减小投资项目的不确定性。With complex uncertainty of shale gas development project, the developers, considering real options to defer, tend to delay to implement investment to maximize their overall benefits, but cause idle shale gas mining rights. Based on the analysis of real option pricing model of shale gas development project, the article proposes the corresponding measures such as associating financial subsidies with development time, administrative penalty, increasing the inputs of geologic investigation, technology research and development, and relative infrastructure construction from the government to reduce the uncertainty of investment projects.

关 键 词：页岩气开发 延迟期权 投资决策 矿权闲置 

分 类 号：F224[经济管理—国民经济] F426.22