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基于CAPM理论的农村土地市场定价问题研究

发布时间:2019-04-20 18:53
【摘要】:在农业自然资源中,土地是一种稀缺资源,是人类赖以生存和发展的物质基础,农民靠对土地资源的使用获得生活成本、创造物质财富。近年来,农村经济及农业生产要素市场得到了更为迅速的发展,农村土地制度改革也使得农村土地市场流转规模进一步扩大,市场规模的扩大对农村土地市场估价提出了更高的要求。土地定价成为了实现农村土地资源的有效配置,农民增收和农村经济发展的关键。由于土地的特性及土地市场固有的局限性,传统的定价理论对农村土地的定价往往是从地租及生产方面考虑,没有考虑到土地的风险价值,存在一定片面性,在土地证券化的条件下,农村土地已不仅仅是生产资料,还是一种可以进行投资的资本。本文通过研究,评述了现有的土地定价方法,参照现有的收益还原的定价方法,引入资本资产定价理论及模型,在此基础上提出了新的农村土地定价模型,将农村土地资产收益率作为折算系数进而对农村土地定价。文章所提供的定价方法考虑到了农村土地作为资产时的风险溢价,反映出了农村土地的经济价值与非经济价值,进一步完善了收益还原法中收益率的计算方法,为我国农村土地市场定价研究提供了一种新思路,随着农村土地证券化和城乡一体化土地制度改革的推进,对农村土地定价问题的研究将具有更加重要的现实意义。
[Abstract]:In agricultural natural resources, land is a kind of scarce resources, which is the material basis for human survival and development. Farmers rely on the use of land resources to obtain the cost of living and create material wealth. In recent years, the rural economy and the agricultural production factor market have been developed more rapidly, and the rural land system reform has further expanded the circulation scale of the rural land market. The expansion of market scale puts forward higher requirements for the evaluation of rural land market. Land pricing has become the key to the effective allocation of rural land resources, the increase of farmers' income and the development of rural economy. Due to the characteristics of the land and the inherent limitations of the land market, the traditional pricing theory of rural land is often considered from the aspects of land rent and production, not taking into account the risk value of the land, there is a certain one-sidedness. Under the condition of land securitization, rural land is not only a means of production, but also a kind of capital that can be invested. This paper reviews the existing land pricing methods, introduces the capital asset pricing theory and model, and puts forward a new rural land pricing model based on the existing income reduction pricing methods. The rate of return on rural land assets is regarded as the conversion coefficient and then pricing the rural land. The pricing method provided in this paper takes into account the risk premium of rural land as an asset, reflects the economic value and non-economic value of rural land, and further improves the calculation method of the rate of return in the income reduction method. It provides a new way to study the pricing of rural land market in our country. With the advancement of rural land securitization and the reform of urban-rural integrated land system, the research on rural land pricing will have more important practical significance.
【学位授予单位】:山东理工大学
【学位级别】:硕士
【学位授予年份】:2017
【分类号】:F321.1

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