农地征用补偿的实物期权分析

Compensation for Expropriation of Rural Land by the Principle of Real Option

土地承包权实际上是农民获得的一种实物期权。按照实物期权的定价原理,给出一种征地的货币补偿标准;同时使用期权定价的"复制"思想,提出混合补偿的方式。这将为我国的土地征用制度提供新的改革思路,不仅可以在土地征用中起到保护农民利益的作用,而且能够提高土地资源的利用效率,推动城市化的发展。

The paper considers the rural land contracted management right that the peasants have received can be treated as a kind of real options. According to the principle of real option pricing, the authors put forward a standard of monetary compensation for expropriation of land and a mixed compensation mode under the tracing method of real option pricing. These ideas will help to develop new solutions on the reform of the expropriation of land, which can protect the interest of peasants, increase the efficiency of land use, and promote the process of urbanization.