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林木产权
相关语句
  the forest property rights
     Valuation Method Based on the Option of the Forest Property Rights
     基于期权的林木产权评估方法
短句来源
     Evaluation Method of the Forest Property Rights Based on the Options
     基于期权的林木产权评估
短句来源
     This text will look the forest property rights as the practicality option. And the Black-Scholes option model is made use of to estimate option value of the forest property rights on the base of taking into account of the value of time and uncertainty of the future income in order to put forward the reference standard for the auction of the forest property rights.
     将林木产权看作实物期权,在考虑投资时间价值及未来收益不确定性基础上,利用Black-Scholes期权模型对林木产权的期权价值进行估算,从而可为林木产权的拍卖提供一定的参考标准。
短句来源
  forest property rights
     Valuation Method Based on the Option of the Forest Property Rights
     基于期权的林木产权评估方法
短句来源
     Evaluation Method of the Forest Property Rights Based on the Options
     基于期权的林木产权评估
短句来源
     This text will look the forest property rights as the practicality option. And the Black-Scholes option model is made use of to estimate option value of the forest property rights on the base of taking into account of the value of time and uncertainty of the future income in order to put forward the reference standard for the auction of the forest property rights.
     将林木产权看作实物期权,在考虑投资时间价值及未来收益不确定性基础上,利用Black-Scholes期权模型对林木产权的期权价值进行估算,从而可为林木产权的拍卖提供一定的参考标准。
短句来源
  “林木产权”译为未确定词的双语例句
     Then, new mechanisms such as trade of ownership of flood control forest, flood insurance, etc are proposed and modeled.
     为此 ,提出了防洪林木产权交易和洪水保险等新机制 ,并进行了博弈研究 ,考察了这些机制的均衡结果和条件 ,为更有效地防洪减灾提出了机制上的建议。
短句来源
     The problem that property right of collective forest and its ownership is not explicit and its management is not flexible has been solved through disintegrating those systems which restricted the development of collective forest.
     通过破解制约集体林发展的体制机制性难题,解决集体森林和林木产权不明晰、经营机制不灵活等问题。
短句来源
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This paper attempts to set up the skeleton of economics of flood control and disaster alleviation. On the basis of identification of flood control and disaster alleviation as a local public goods, existing mechanisms in flood control are simulated in game models, which disclose the faults in mechanisms. Then, new mechanisms such as trade of ownership of flood control forest, flood insurance, etc are proposed and modeled.

尝试建立防洪减灾经济学这一崭新学科。在阐明防洪减灾的地区性公共品的经济学特性的基础上 ,利用博弈论模型研究了现有的防洪减灾机制 ,发现了其机制上的缺陷。为此 ,提出了防洪林木产权交易和洪水保险等新机制 ,并进行了博弈研究 ,考察了这些机制的均衡结果和条件 ,为更有效地防洪减灾提出了机制上的建议。

The forest property rights endowed with the live stumpage in addition to have the commonly property characteristic,have the characteristic of the nature increment,expandable and deferrable cut with the characteristic of the practicality option.As a result there are some differences in the valuation method with the commonly property.This text will look the forest property rights as the practicality option.And the Black-Scholes option model is made use of to estimate option value of the forest property rights...

The forest property rights endowed with the live stumpage in addition to have the commonly property characteristic,have the characteristic of the nature increment,expandable and deferrable cut with the characteristic of the practicality option.As a result there are some differences in the valuation method with the commonly property.This text will look the forest property rights as the practicality option.And the Black-Scholes option model is made use of to estimate option value of the forest property rights on the base of taking into account of the value of time and uncertainty of the future income in order to put forward the reference standard for the auction of the forest property rights.

以活立木形式赋存的林木产权除具有一般资产特征外,还具有自然增值性、可扩张性和可延迟采伐的特性,具有一般实物期权的特征,但在评估上与一般资产有较大的不同。将林木产权看作实物期权,在考虑投资时间价值及未来收益不确定性基础上,利用Black-Scholes期权模型对林木产权的期权价值进行估算,从而可为林木产权的拍卖提供一定的参考标准。

In addition to the general characteristics of property, the property right of forest in the form of live stumpage presents the characteristics of the spontaneous increment, expandability and deferrable cutting which are those of practicality options and are largely different from the general property in evaluation. Considering the forest property as practicality option, and taking the uncertainty of investment time value and that of future gains, the cash flow A is calculated by multiplying the annual sale of...

In addition to the general characteristics of property, the property right of forest in the form of live stumpage presents the characteristics of the spontaneous increment, expandability and deferrable cutting which are those of practicality options and are largely different from the general property in evaluation. Considering the forest property as practicality option, and taking the uncertainty of investment time value and that of future gains, the cash flow A is calculated by multiplying the annual sale of timber by current market price. The evaluation of forest property is worked out by the formula in which the rising ratio of the deposit quantity, rising ratio of price h, non-risk interest rate r, time lag of cutting j, the bonus discount rate i, and contract limit n are taken into consideration as follows: S=A1-[(1+α+h+2αh)/(1+r)]~(n-j) r-h-α-2αh/(1+i)~jAt the same time, the constructive investment (CI) and the output cost are included into the development cost of the forest property which is fixed as the executed price with the formula as follows:K=CI+B1-[(1+c)/(1+r)]~(n-j)r-c/(1+i)~jAccording to the contract and management of forest resources, the valid period of option is enacted as 30 years. And the fluctuate square σ~2 of the forest property estimated value is calculated by the forest market price index of the past period(the loop comparative price) as follows:σ~2=∑(k(t)-μ)~2/(N-1);μ=∑k(t)/Nk_t=ln(p_t)-ln(p_(t-1));k(t)=k_1+k_2+…+k_tThen the Black-Scholes options model is adopted to estimate options value of the forest property rights (FPOV):FPOV=SN(d_1)-Ke~(-rt)N(d_2)Therein:d_1=lnSK+r+σ~22tσt;d_2=d_1-σThe opportunity of choosing the optimum investment is given to investors by the means of analyzing the investment opportunity cost of the forest property and taking account of the management option right of the forest property rights, namely the value of the delayed investment, the opportunity of the expansionary investment and the natural increment, etc., so as to avoid the risk of the income decrease and to learn more about the potential of the income increase, and to be flexible in gaining more value.

以活立木形式赋存的林木产权除具有一般资产特征外,还具有自然增值性、可扩张性和可延迟采伐的特性,具有一般实物期权的特征,因而与一般的资产评估有较大的差别。本文将林木产权看作实物期权,并在考虑投资时间价值及未来收益不确定性基础上,采用每年的木材销售量乘以当前市场价格作为现金流,在考虑林木蓄积量的增长速率、价格增长、无风险利率、开采的时滞期、红利贴现率和承包年限等因素的基础上,计算林木资产的估计价值;同时以建设投资和产出成本两部分作为林木资源的开发成本,以此作为期权的执行价格。根据森林资源承包经营情况设定期权有效期限设为30年,并利用过去一段时间林木市场价格指数(环比价格指数)计算林木产权估计价值的波动方差σ2,然后利用Black Scholes期权模型对林木产权的期权价值进行估算,从而可为林木产权的拍卖提供一定的参考标准。

 
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