基于实物期权的植物品种权价值评估研究

Research on the Real Option in Evaluation of Plant Variety Value

摘要:

通过分析植物品种权价值的不确定性、不可逆性与可延迟性等特点，探讨植物品种权的实物期权特征及其价值形成路径。在此基础上建立植物品种权实物期权价值评估模型，重新定义变量参数，辨析欧式期权定价法和美式期权定价法对植物品种权价值评估的适用性。研究表明，美式期权的灵活性能够更加充分挖掘植物品种权的价值，更加适用于植物品种权价值评估。

Abstract:

Based on the analysis of the uncertainty,irreversibility and delay of plant variety rights,this paper discusses the real option characteristics and the value formation path of plant variety right.On this basis,the model of real option value of plant variety right is established,the applicability of the pricing of European option and American option pricing method to evaluate the plant variety rights value.The research shows that the flexibility of American option can more fully excavate the value of plant variety rights,and is more applicable to the evaluation of plant variety rights value.