闲置宅基地期权价值与交易价格偏差测度分析

Analysis of the Deviation of Option Value and Transaction Price of Unused Rural Residential Land

2023年中央一号文件强调赋予农民更加充分的财产权益,保障农民合法的土地权益。随着城镇化进程加快,宅基地粗放利用及闲置等问题凸显。目前我国农村建设用地市场尚未建立与完善,在未来不确定的市场环境下,农民盘活闲置宅基地、转让宅基地使用权获得的收益和面临的损失具有不确定性,宅基地与金融期权中的基础资产相似,宅基地赋予土地使用者的权利可以看作是一个看涨期权。研究发现,宅基地具有实物期权的基本且与欧式期权类似;引入陕西省闲置宅基地盘活典型案例测度闲置宅基地期权价值与交易价格的偏差,发现偏差值为5.176 6万元,偏差率为-34.11%;并从土地发展权视角分析造成偏差的原因。宅基地的价值偏差问题事关农民利益,进一步为保护农民利益和保障农民合法的财产权益提出对策建议。

Document No.1 of the Central Committee in 2023 emphasized giving farmers fuller property rights and interests and safeguarding their legitimate land rights and interests.With the acceleration of urbanization,the problems of rough use and idleness of rural residential lands have been highlighted.At present,China’s rural construction land market has not yet been established and perfected.Under the uncertain future market environment,there is uncertainty about the gains and losses that farmers will realize and face from revitalizing unused rural residential lands and transferring the right to use residential land.Rural residential land is similar to the underlying asset in a financial option in that the rights granted by rural residential land to land users can be viewed as a call option.The study finds that rural residential land has the basic characteristics of real optionand is similar to European-style options;introduces a typical case of revitalization of unused rural residential lands in Shaanxi Province to measure the deviation between option value and transaction price of rural residential land.It finds that the deviation value is 51766 yuanwith the deviation rate of-34.11%;and analyzes the reasons for the deviation from the perspective of the right to development of the land.The problem of deviation in the value of rural residential land is related to the interests of farmersand further countermeasures are proposed to protect the interests of farmers and safeguard their legitimate property rights and interests.