基于期权方法的奶牛生物资产估值研究  

Valuation of biological assets of dairy cows based on option method

作　　者：王惠惠 刘芳 WANG Huihui;LIU Fang(School of Economics and Management,Beijing University of Agriculture,Beijing Research Center for New Rural Construction,Beijing 102206,China)

机构地区：[1]北京农学院经济管理学院/北京新农村建设研究基地,北京102206

出　　处：《北京农学院学报》2020年第2期65-68,共4页Journal of Beijing University of Agriculture

基　　金：国家自然科学基金面上项目(71473019);北京市社会科学基金项目基地资助项目(17JDYJB017);大北农青年教师科研基金资助项目(14SK002);现代奶牛产业技术体系北京市创团队资助项目;北京市属高等学校高层次人才引进与培养计划资助项目(CIT&TCD20140314)。

摘　　要：【目的】为提高奶牛生物资产计量的客观性,有必要引入非流动资产估值中的流动性折扣方法。【方法】采用看跌期权流动性折扣模型,以综合考虑未来不确定性和流动性限制。【结果】以港股上市公司为例,采用欧式看跌期权模型和亚式看跌期权模型,流动性折扣率4%~5%。【结论】基于审慎性原则,应用看跌期权模型将奶牛生物资产进行流动性扣减是非常必要的。【Objective】In order to improve the objectivity of the measurement of biological assets of dairy cows,it is necessary to introduce the liquidity discount method in the valuation of non-current assets.【Methods】In view of that dairy cows are non-current assets,the put option liquidity discount model can be used to comprehensively consider the future uncertainty and liquidity constraint.【Results】Taking listed companies in Hong Kong as an example,the liquidity discount rate is about 4%-5%,by the European put option model and Asian put option model.【Conclusion】Based on the principle of prudence,it is very necessary to estimate the fair value of dairy cows biological assets with put option model.

关 键 词：奶牛 生物资产 公允价值 流动性折扣 看跌期权 

分 类 号：F323.3[经济管理—产业经济]