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  本文關鍵詞：旅游景區(qū)經(jīng)營權價值評估——基于實物期權視角的研究　出處：《經(jīng)濟管理》2013年06期 　論文類型：期刊論文

  更多相關文章： 旅游景區(qū) 經(jīng)營權價值 價值評估 實物期權

【摘要】：景區(qū)經(jīng)營權價值評估是實現(xiàn)我國景區(qū)經(jīng)營權合理流轉的關鍵,但以收益還原法為主流的現(xiàn)行方法并不能準確地評估景區(qū)經(jīng)營權價值。通過研究,本文發(fā)現(xiàn),引入實物期權概念能夠提升景區(qū)經(jīng)營權價值評估的準確性。本文以產(chǎn)權視角為切入點,通過景區(qū)經(jīng)營權實物期權的動態(tài)和靜態(tài)特征研究景區(qū)經(jīng)營權的期權價值形成、演變機理,以冠豸山國家重點風景名勝區(qū)為例,初步實證了實物期權視角下的景區(qū)經(jīng)營權價值評估,并得出如下結論:(1)景區(qū)經(jīng)營權價值是一種依托于旅游資源的產(chǎn)權價值,其價值評估的實質是資本化景區(qū)旅游資源開發(fā)權利的價值,產(chǎn)權視角下的景區(qū)經(jīng)營權,本質上是一種按年度執(zhí)行的多期嵌套實物期權,旅游資源是其標的資產(chǎn);(2)基于實物期權的景區(qū)經(jīng)營權價值形成表現(xiàn)為:景區(qū)投資開發(fā)過程中,投資柔性給景區(qū)預期旅游收益與投資開發(fā)成本之間帶來的差額變動;(3)景區(qū)經(jīng)營權的實物期權特征是一個動態(tài)的變動過程,各階段的期權價值呈現(xiàn)先增后減的變化態(tài)勢,期權價值在經(jīng)營權到期日將變?yōu)榱?(4)融入實物期權法較單純采用收益還原法更加科學,評估結果更為客觀,實際參考價值更大;(5)在構建單一期權條件下的景區(qū)經(jīng)營權期權價值評估模型的基礎上,以冠豸山風景名勝區(qū)為例,通過與現(xiàn)有評估方法進行對比研究,進一步驗證了實物期權理論在景區(qū)經(jīng)營權價值評估中的應用價值。
[Abstract]:The value evaluation of scenic spot management right is the key to realize the rational circulation of scenic spot management right in our country, but the current method based on income reduction method can not accurately evaluate the value of scenic spot management right. The introduction of the concept of real options can improve the accuracy of the value evaluation of the right to management of scenic spots. This paper takes the perspective of property rights as the starting point. Through the dynamic and static characteristics of the real option of management right of scenic spot, the paper studies the formation and evolution mechanism of option value of management right of scenic spot, taking Guanzhoushan National key Scenic spot as an example. This paper makes a preliminary demonstration of the value evaluation of scenic spot management right from the perspective of real option, and draws the following conclusion: 1) the value of scenic spot management right is a kind of property right value relying on tourism resources. The essence of its value evaluation is the value of the exploitation right of tourist resources in capitalized scenic spots. The management right of scenic spots from the perspective of property rights is essentially a kind of nested real options which are executed annually and tourism resources are its underlying assets. 2) the value of management right of scenic spot based on real option is formed as follows: in the process of investment and development of scenic spot, the difference between expected tourism income and investment development cost brought by investment flexibility; (3) the characteristics of real options in scenic spots are a dynamic change process, the value of options in each stage is increased first and then decreased, and the value of options will become zero at the expiration date of the right of operation; 4) Integration of real option method is more scientific than simply adopting income reduction method, the evaluation result is more objective and the actual reference value is greater; 5) on the basis of constructing the value evaluation model of the right of operation option of scenic spot under the condition of single option, taking Guanzhoushan scenic spot as an example, this paper makes a comparative study with the existing evaluation methods. It further verifies the application value of real option theory in the value evaluation of scenic spot management right.
【作者單位】： 廈門大學管理學院;
【分類號】：F590
【正文快照】： 科學準確地評估景區(qū)經(jīng)營權價值是實現(xiàn)我國景區(qū)經(jīng)營權合理流轉的關鍵,經(jīng)過學者多年的研究,國內(nèi)基本形成了以收益還原法為主的景區(qū)經(jīng)營權價值評估方法。該方法的評估思路是:投資者擁有了景區(qū)旅游資源的開發(fā)經(jīng)營權,也就擁有了景區(qū)旅游資源未來預期收益的現(xiàn)值,將該預期收益現(xiàn)值除

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