The Application Of Real Option Theory In The Evaluation Of Tourism Resources Economic Value

It is a relatively new field in China to apply the real option theory in the study of economic value evaluation of tourism resources.With the establishment of the goal of making tourism into a strategic pillar industry,the research on this subject has more important theoretical and practical significance.In order to establish empirical research on the basis of reliable theoretical basis,this paper starts from the connotation of the economic value of tourism resources,to review domestic and foreign literature,excavates the connotation mechanism of the economic value of tourism resources.While introducing various evaluation methods,this paper makes a comparative study and finds out the advantages and disadvantages of each evaluation method,which provides a basis for this study.Through the introduction of the real option theory,it is found that the theory has applicability in the field of economic value evaluation of tourism resources.Under the background that the State encourages the social capital to participate in the investment and development of tourism projects.It is not only considering the operation situation of the scenic spot in the past and present to use the real option evaluation method to study the tradable economic value in the economic value of tourism resources,but also taking into account the opportunity value contained in future uncertainties.Through clarifying the connotation of economic value of tourism resources,this paper introduces the common methods of economic value evaluation of tourism resources,and further studies the real option method which is used less in the evaluation of the management right of tourist scenic spots.Based on the comparative analysis of several commonly used models of real option method,the Black-Scholes model is selected to make an empirical study on the value evaluation of tourism management rights of bamboo rafting project in the Wuyi Mountain scenic spot.Real option theory introduces financial option thinking into real asset valuation and applies it to economic value evaluation of tourism resources with high uncertainty.It can improve the evaluation system of tourism resources assets,play a positive role in promoting the cooperation mode of government and social capital in tourism field,and promote the market allocation of tourism resources.To promote the transformation and upgrading of the tourism industry and accelerate the realization of the national strategy of global tourism.