摘要
通过Black-Scholes期权定价模型,首次给出了房地产定价与房地产公司负债能力的明确数量关系。根据它们之间的关系发现,房地产的过高定价必然会降低房地产公司的偿债能力,其财务危机将随着房价的增长而逐渐加剧。证明,高房价并不是房地产市场运作的最优策略。
This paper first gives out a formula of house pricing and a real estate company＇ s debt, based on Black-Scholes option pricing model. According to the formula, over high house pricing would decrease the company＇ s capacity to pay off its debt, and its financial risk would be serious when the house pricing increases. Hence, high house price strategy is not the optimal strategy for running real estate markets.
出处
《华南农业大学学报（社会科学版）》
CSSCI
2008年第3期49-56,共8页
Journal of South China Agricultural University(Social Science Edition)
基金
教育部2007-2008年度资助的“青年骨干教师”国内访问学者计划资助的研究课题《多维欧式期权定价模型研究》的阶段成果.
关键词
房地产定价
财务风险
风险度量
House pricing
financial risk
risk measurement
