经济管理
經濟管理
경제관리
Economic Management Journal（EMJ）
2013年
6期
112~122
,共null页
旅游景区 经营权价值 价值评估 实物期权
旅遊景區 經營權價值 價值評估 實物期權
여유경구 경영권개치 개치평고 실물기권
scenic spots; managerial right value; value evaluation; real option
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，引人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。
景區經營權價值評估是實現我國景區經營權閤理流轉的關鍵，但以收益還原法為主流的現行方法併不能準確地評估景區經營權價值。通過研究，本文髮現，引人實物期權概唸能夠提升景區經營權價值評估的準確性。本文以產權視角為切入點，通過景區經營權實物期權的動態和靜態特徵研究景區經營權的期權價值形成、縯變機理，以冠豸山國傢重點風景名勝區為例，初步實證瞭實物期權視角下的景區經營權價值評估，併得齣如下結論：（1）景區經營權價值是一種依託于旅遊資源的產權價值，其價值評估的實質是資本化景區旅遊資源開髮權利的價值，產權視角下的景區經營權，本質上是一種按年度執行的多期嵌套實物期權，旅遊資源是其標的資產；（2）基于實物期權的景區經營權價值形成錶現為：景區投資開髮過程中，投資柔性給景區預期旅遊收益與投資開髮成本之間帶來的差額變動；（3）景區經營權的實物期權特徵是一箇動態的變動過程，各階段的期權價值呈現先增後減的變化態勢，期權價值在經營權到期日將變為零；（4）融入實物期權法較單純採用收益還原法更加科學，評估結果更為客觀，實際參攷價值更大；（5）在構建單一期權條件下的景區經營權期權價值評估模型的基礎上，以冠豸山風景名勝區為例，通過與現有評估方法進行對比研究，進一步驗證瞭實物期權理論在景區經營權價值評估中的應用價值。
경구경영권개치평고시실현아국경구경영권합리류전적관건，단이수익환원법위주류적현행방법병불능준학지평고경구경영권개치。통과연구，본문발현，인인실물기권개념능구제승경구경영권개치평고적준학성。본문이산권시각위절입점，통과경구경영권실물기권적동태화정태특정연구경구경영권적기권개치형성、연변궤리，이관치산국가중점풍경명성구위례，초보실증료실물기권시각하적경구경영권개치평고，병득출여하결론：（1）경구경영권개치시일충의탁우여유자원적산권개치，기개치평고적실질시자본화경구여유자원개발권리적개치，산권시각하적경구경영권，본질상시일충안년도집행적다기감투실물기권，여유자원시기표적자산；（2）기우실물기권적경구경영권개치형성표현위：경구투자개발과정중，투자유성급경구예기여유수익여투자개발성본지간대래적차액변동；（3）경구경영권적실물기권특정시일개동태적변동과정，각계단적기권개치정현선증후감적변화태세，기권개치재경영권도기일장변위령；（4）융입실물기권법교단순채용수익환원법경가과학，평고결과경위객관，실제삼고개치경대；（5）재구건단일기권조건하적경구경영권기권개치평고모형적기출상，이관치산풍경명성구위례，통과여현유평고방법진행대비연구，진일보험증료실물기권이론재경구경영권개치평고중적응용개치。
The transfer of management right of scenic spots is a typical phenomenon of Chinese tourism indus- try, and the assessment of managerial right value is the key issue in the transformation process of property right. After years of academic research, the Income Capitalization Approach has been mainly used in the value eval- uation of management right. However, it is informed that the Income Capitalization Approach which is the main- stream of current methods can not completely solve the problems of the value evaluation of management right of sce- nic spots. Through research we find that the Real Option Theory is more helpful in the value evaluation of manage- ment right. Based on this, using the perspective of property right as the breakthrough point, this paper analyzes the dynamic and static real option characteristics of the managerial right, expounds the formation and evolution mecha- nism of the managerial right value of scenic spots, and makes a national scenic spot of GuanZhai Mountain as exam- pie, preliminary analyzing the value assessment of managerial right based on the perspective of real options. Based on the abovementioned analysis, the paper draws the following conclusions ： （ 1 ） The managerial right val- ue of scenic spots is a kind of property value relying on tourism resources, and it is essence of the value evaluation that capitalizing the right value of tourism resources development. （2） With the perspective of property right, the managerial right of scenic spot can be regarded as a kind of multiphase nested real option, and tourism resources are the underlying assets. （ 3 ） The performance of option value of managerial right is determined by the flexibility which increases or compensate the investors profit, the managerial right value of scenic spot based on the real option value is manifested as the difference between the expected tourism income and investment cost. （4）The real option char- acteristics of managerial authority is a dynamic process, the option value of each phase will first increase to a maxi- mum value and then decrease to zero when the managerial right is over. （5）The method by introducing real option is better than Income Capitalization Approach, which is more objective, more realistic and the evaluation results is also more reference. （6） Using the option value assessment model of managerial right based on the condition of sin- gle option, and taking the GuanZhai Mountain for example, we calculate the managerial right value of GuanZhai Mountain,The result of the calculation is 207.5 million Yuan, the option value of managerial right of GuanZhai Mountain is 112. 5 million Yuan. This result is 25.5 million Yuan more than the results（ 182 million Yuan）calculat- ed by traditional methods. Furthermore, the paper validates the application value of real option theory in the assessment of managerial right value of the scenic spot under uncertainty with a comparative study with the existing assessment methods （Trav- el Cost Method, Contingent Valuation Method and Income Capitalization Approach ）. In addition, we discuss the problem of the fluctuation of the underlying asset price of managerial right of scenic spots, and provide some com- ments. What＇s more, this study only puts emphasis on the theoretical study and fundamental analysis, empirical assess- ment modeling remains to be further studied. In the development process of the Real Option Theory, the theory itself still exist some difficulties and challenges in the theory and practice research. To make the theory be a more applica- ble and accurate method of the value evaluation of managerial right and investment analysis tools, we still need to continue to improve and perfect the theory.
