Research On Option Pricing Of Railway Freight Transportation In Road Port Company

As an important transportation infrastructure,railway is the artery of national economy.Freight transportation plays an indispensable role in railway transportation.The trend of freight rate can directly affect the economic benefits of railway freight companies.However,in the increasingly fierce market competition,shipping,water transport and road transport market,the strength of railway freight transport can not be reflected,and the comprehensive strength of railway transport can not compete with other modes of transport.According to the data provided by the National Bureau of statistics in recent years,it can be seen that the annual freight volume of China's railways has not reached the expected growth in terms of freight turnover and other aspects.China Railway Corporation is in the position of debt operation.The market share of many small and medium-sized railway freight enterprises continues to decline,and the railway freight volume of some companies shows a negative growth trend.In general,compared with other modes of transportation,the proportion of railway freight volume and turnover volume in total freight volume and turnover volume is gradually decreasing,and the proportion of market share is declining year by year.The reform of pricing mechanism of railway freight transport in China has experienced three stages,namely,the stage of unified pricing under highly centralized control,the stage of government guided pricing under deregulation and the stage of railway freight reform since 2013.Since 2013,with the rapid adjustment of railway freight rate mechanism and the promulgation of a series of policies,the railway companies gradually have the right of independent pricing,which to a certain extent reversed the adverse situation of railway freight,not only accelerated the construction of comprehensive transportation system,but also improved the market competitiveness of railway freight.In 2018,the State Council issued the "public to rail" reform policy,which requires a substantial increase in the proportion of railway freight and a reduction in road freight volume.The promulgation of this policy has brought an opportunity to improve the railway freight volume.Under the promotion of a series of favorable policies,considering the market demand and competition situation,the paper tries to use a reasonable new railway freight pricing model to formulate the railway freight price in line with the market competition characteristics,fully reflect the service value and market demand of the railway transportation enterprises,and relieve the pressure of insufficient railway transportation capacity,so as to realize the coordinated development of various freight modes and expand railway transportation It is very necessary to transport market share and promote the sustainable development of railway freight transportation in China.This article takes the Inner Mongolia CLP logistics Road Port Co.,Ltd.(hereinafter referred to as the Road Port Company)as the specific research object,using literature research and case study method to study it.First of all,through field research and telephone interview,this paper studies the freight pricing of the company,analyzes the current situation and existing problems of the freight pricing of the company.On the basis of consulting a large number of literature on railway freight transport price,this paper analyzes and summarizes the current methods of railway freight transport in China,and reads the literature on pricing methods,pricing mechanism of railway freight transport and option pricing,compares the characteristics of option and railway freight transport,and obtains theoretical support to ensure that the option pricing method is applicable to the determination of railway freight transport price.This paper quotes the option as a derivative financial instrument in finance.In consideration of the coexistence of spot and contract,the option pricing theory is introduced into the railway freight transportation market.From the perspective of innovation and flexible pricing of railway freight transportation,it is necessary to improve the railway freight transportation volume and enterprise efficiency.In order to expand the market share of railway freight transportation industry and expand the customer resources of enterprises,the option pricing transaction model of railway freight transportation industry is established.Through the suitable pricing model,we can effectively use the characteristics of the coexistence of spot and option market in railway transportation industry,so that railway freight enterprises and freight owners can effectively avoid risks and ensure their own interests under the market fluctuation.Then,taking Jinbai railway under the jurisdiction of Lu Gang company as an example,through the collection,processing and analysis of real data,this paper uses the Trident tree option pricing model to carry out option pricing for the freight transportation of the company,and compared with the current pricing,solves some problems existing in the freight pricing of Lu Gang company from the aspects of locking the customers and increasing the pricing flexibility.In the last part of this paper,the author puts forward the guarantee measures to ensure the smooth implementation of the option pricing method for the road port company from the perspectives of improving the enterprise information platform,improving the pricing system and enhancing the awareness of risk prevention,and puts forward the research deficiencies and prospects of this paper.