旅游景区经营权价值评估——基于实物期权视角的研究

发布时间：2018-01-06 07:13

本文关键词：旅游景区经营权价值评估——基于实物期权视角的研究　出处：《经济管理》2013年06期 　论文类型：期刊论文

【摘要】：景区经营权价值评估是实现我国景区经营权合理流转的关键,但以收益还原法为主流的现行方法并不能准确地评估景区经营权价值。通过研究,本文发现,引入实物期权概念能够提升景区经营权价值评估的准确性。本文以产权视角为切入点,通过景区经营权实物期权的动态和静态特征研究景区经营权的期权价值形成、演变机理,以冠豸山国家重点风景名胜区为例,初步实证了实物期权视角下的景区经营权价值评估,并得出如下结论:(1)景区经营权价值是一种依托于旅游资源的产权价值,其价值评估的实质是资本化景区旅游资源开发权利的价值,产权视角下的景区经营权,本质上是一种按年度执行的多期嵌套实物期权,旅游资源是其标的资产;(2)基于实物期权的景区经营权价值形成表现为:景区投资开发过程中,投资柔性给景区预期旅游收益与投资开发成本之间带来的差额变动;(3)景区经营权的实物期权特征是一个动态的变动过程,各阶段的期权价值呈现先增后减的变化态势,期权价值在经营权到期日将变为零;(4)融入实物期权法较单纯采用收益还原法更加科学,评估结果更为客观,实际参考价值更大;(5)在构建单一期权条件下的景区经营权期权价值评估模型的基础上,以冠豸山风景名胜区为例,通过与现有评估方法进行对比研究,进一步验证了实物期权理论在景区经营权价值评估中的应用价值。
[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.
【作者单位】：厦门大学管理学院;
【分类号】：F590
【正文快照】： 科学准确地评估景区经营权价值是实现我国景区经营权合理流转的关键,经过学者多年的研究,国内基本形成了以收益还原法为主的景区经营权价值评估方法。该方法的评估思路是:投资者拥有了景区旅游资源的开发经营权,也就拥有了景区旅游资源未来预期收益的现值,将该预期收益现值除

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