基于实物期权的植物品种权价值评估研究
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摘要
通过分析植物品种权价值的不确定性、不可逆性与可延迟性等特点,探讨植物品种权的实物期权特征及其价值形成路径;在此基础上,建立植物品种权实物期权价值评估模型,重新定义变量参数,辨析欧式期权定价法和美式期权定价法对植物品种权价值评估的适用性。研究表明,美式期权的灵活性能够更加充分挖掘植物品种权的价值,更加适用于植物品种权价值评估。
This paper discusses the real option characteristics of plant variety right and its value formation path by analyzing the characteristics of uncertainty, irreversibility and delay in the value of plant variety right, on this basis, the paper establishes the evaluation model of plant variety right real option value, redefines the variable parameter, and discriminates the applicability of European option pricing method and American option pricing method to plant variety right value evaluation. The research shows that, the flexibility of American option can fully excavate the value of plant variety right, and is more suitable for evaluation of plant variety right value.
This paper discusses the real option characteristics of plant variety right and its value formation path by analyzing the characteristics of uncertainty, irreversibility and delay in the value of plant variety right, on this basis, the paper establishes the evaluation model of plant variety right real option value, redefines the variable parameter, and discriminates the applicability of European option pricing method and American option pricing method to plant variety right value evaluation. The research shows that, the flexibility of American option can fully excavate the value of plant variety right, and is more suitable for evaluation of plant variety right value.
引文
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[14]DIXIT A K,PINDYCK R S.Investment under uncertainly[M].Princeton:Princeton University Press,1994.
[2]陈会英,庄昕.植物品种权质押融资风险及防范措施[J].山东科技大学学报(社会科学版),2016(2):67-72,79.
[3]MYERS S C.Determinants of corporate borrowing[J].Journal of Financial Economics,1977,5(2):147-172.
[4]MCDONALD R,SIEGEL D.The value of waiting to invest[J].Quarterly Journal of Economics,1986,101(4):707-727.
[5]AMRAM M,KULATILAKA N.Disciplined decisions:aligning strategy with the financial markets[J].Harvard Business Review,1999,77(1):509-517.
[6]杨春鹏,伍海华.实物期权在专利权价值评估中的应用[J].系统工程理论与实践,2002(6):20-21.
[7]周衍平,陈会英,姜爱萍.山东省订单农业的发展状况与问题[J].中国农村经济,2002(5):13-20,26.
[8]蔡凡.基于实物期权定价理论的专利价值评估[D].北京:北京交通大学,2012.
[9]颉茂华,焦守滨.二叉树实物期权的知识产权价值评估定价研究[J].中国资产评估,2014(4):20-24.
[10]闻德美,姜旭朝,孟科学.基于实物期权法的海域使用权定价研究[J].资源科学,2016(5):858-870.
[11]张开玄,王思博.实物期权定价法在林业上市公司价值评估中的应用[J].林业经济问题,2017(1):87-92,111.
[12]林璧属,林文凯,周春波.旅游景区经营权价值评估:基于实物期权视角的研究[J].经济管理,2013(6):112-122.
[13]BLACK F,SCHOLES M.The pricing of options and corporate liabilities[J].Journal of Political Economy,1973,81(3):637-654.
[14]DIXIT A K,PINDYCK R S.Investment under uncertainly[M].Princeton:Princeton University Press,1994.