实物期权方法在果木林权流转中的应用

Application of Real Option Method in Delivery of Fruit Tree Property Right

文章以实物期权理论为基础,结合林权的期权特性,将实物期权的方法应用到林权流转中去,为果木林权的流转和果品的出售分别设计一个欧式看跌期权,以减少林权投资风险,增强经营的灵活性。同时,利用实物期权定价模型中的二叉树模型,对看跌期权的价值进行估值,以解决林权流转中价值评估的问题,为林权投资者的决策提供一定的价值参考。

This paper based on real option theory,tried to use real option method in the delivery of fruit tree property right combining with the futures characters of forestry property,then designed separately European put options for the delivery of fruit tree property right and sell of fruits products both to reduce risk of investing fruit tree property program and increase the flexibility of operation.And meanwhile,we used binomial tree model to estimate the price of put futures in order to solve the appraisement problem in the in the delivery of forestry property right and provide reference for investors to make decision.