| 基于实物期权的土地转化开发决策研究 |
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| 引用本文： | 刘涛,刘丽霞.基于实物期权的土地转化开发决策研究[J].数学的实践与认识,2009,39(13). |
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| 作者姓名： | 刘涛 刘丽霞 |
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| 作者单位： | 1. 杭州电子科技大学,财经学院,浙江,杭州,310018
2. 湖州职业技术学院,工商管理分院,浙江,湖州,313000 |
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| 基金项目： | 杭州电子科技大学科研启动项目 |
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| 摘 要： | 在几何布朗运动假设基础上利用实物期权方法分析了不确定环境下农业用地向城市用地转化问题,得到了地价结构函数,同时利用首次达到时间理论分析了这一问题的可达性,并进行了比较静态分析,最后通过在转化开发前后征收不同税率分析了税收对土地转化和地价的影响.研究加深了我们对土地转化开发中的各种经济现象的理解和认识,并为房地产开发中的科学决策提供了理论支持.
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| 关 键 词： | 实物期权 土地转化 开发决策 首次到达时间 税率 |
Research on the Development Decision to Convert Land Based on Real Options |
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| LIU Tao,LIU Li-xia.Research on the Development Decision to Convert Land Based on Real Options[J].Mathematics in Practice and Theory,2009,39(13). |
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| Authors: | LIU Tao LIU Li-xia |
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| Abstract: | This paper applies a real options approach to analyze the development decision to convert land from agricultural to urban use by assuming a geometric Brownian motion under uncertainty. We deduce the structure function of land pries,and then we apply the first passage time approach to analyze the passage problem of the conversion threshold.We also make a comparative-static analysis. Moreover,we extend the land conversion model by allowing for differential tax rates before and after development. As a result,this research can be used to analyze and explain many actual real estate development phenomena,and help us to make scientific decisions. |
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| Keywords: | real options land conversion development decision the first passage time tax rate |
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