期权定价方法在林木资产评估中的应用

Application of option pricing approach in forest assets evaluation

应用Black Scholes期权定价方法评估具有市场价值的林木资产,结果表明:评估值对价格波动参数σ的灵敏度为0 5左右。随σ值和林龄的增大及森林投资效率(投入产出比)的提高,评估值都会有所提高。反之亦然。当收获现值法的经济成熟龄和参考林分的数量成熟龄一致时,对2426 29hm2(林龄15～31a)林分的评估值与期权法接近,而各林龄的评估值却差异较大。

The option theory and the option pricing approach are applied to evaluating the forest assets.It is found that the sensitivity of the evaluation value to the price fluctuation parameter σ is about 05.With the increases in σ value,forest age,forest invest efficiency(inputoutput ratio),the evaluation value will increase,vice versa.Compared to net present value method of harvesting,the evaluation for 2 42629 hm2 mason pine(from 15 to 31 years aged region)by the option pricing approach is in consistence with the result by net present value method of harvesting as the rotation age is equal to the quantitative maturity.But for forest at other ages,the evaluation is defferent by both methods.[Ch,2 tab.7 ref.]