Value Evaluation Of Land Use Right Under Real Option Method

With the continuous improvement of China's land policy,the continuous expansion of the scale of land circulation and the increasing prosperity of the land trading market,the valuation of land use rights has become an extremely important part of the market economy.Besides the value of agriculture,the value of land also reflects the value that landowners bring to land for exploitation of real estate or engineering construction,The value of development option arising from the flexible investment of land,it can not be ignored,so this paper holds that the value of land should be related to the value of housing.On the basis of comparing and analyzing the common traditional evaluation methods of land use right,Under the circumstances of gradual development,this paper tries to use a new visual angle to examine the evaluation method which can be used to evaluate the land use right,that is,the real option pricing method.The research context of this paper is as follows: first,identify the option attribute of the value of land use right;secondly,clear the necessary assumptions when putting forward the real option theory into the field of land use right value evaluation,and discusses it's effectiveness;Then discusses how to apply Real option Theory to the valuation of Land use right,considering the characteristics of the land use right and combining with China Policy,discusses theParameter selection of option pricing Model.According to the empirical analysis of a piece of land in Huaxia happiness,we know that the result is much larger than the land auction price and closer to the actual results.At the end of this paper,put forward some deficiencies of the paper,improve the existing methods of evaluating the value of land use right,and prospects for future research.When discussing the value of land use right,in addition to its traditional value,it also takes into account many main influencing factors of the value of land use right,such as economic factors and policy factors in general factors,which are respectively reflected in fluctuation ratio and development waiting period.Combined with the income method,the current value of the underlying assets covers most of the regional and individual factors.The results of the case calculation are tallies with the conclusions of this paper,and the conclusions are verified.It also further explains that real option method is a more scientific and reasonable method to evaluate land use right.