임세화 양승룡 2018-11-15T09:42:40Z 2018-11-15T09:42:40Z 2012-04-21 RE35-1-05 http://repository.krei.re.kr/handle/2018.oak/19936 Farm household debts have been the critical problem in the Korean agricultural society. Despite various policies of the government, farm household debts have been steadily increased. The Korean government has conducted “Revival Supporting Project” to reduce farmhouse debts since 2006. Farmers could more easily overcome the difficulties through “Farm Revival Program”. However, it resulted in discontinuance of business. The redemptive right of “Farm Revival Program” is a kind of call option and farmer's buyback arbitrage could be interpreted as the option value. If farmland price increases in the market, farmer's buyback arbitrage would be up by exercising the redemptive right, but the policy cost of the government would increase, too. Therefore, the continuity of business could be threatened. The objective of this study is to estimate the option value of “Farm Revival Program” and examine new policy directions. Farm household debts have been the critical problem in the Korean agricultural society. Despite various policies of the government, farm household debts have been steadily increased. The Korean government has conducted “Revival Supporting Project” to reduce farmhouse debts since 2006. Farmers could more easily overcome the difficulties through “Farm Revival Program”. However, it resulted in discontinuance of business. The redemptive right of “Farm Revival Program” is a kind of call option and farmer's buyback arbitrage could be interpreted as the option value. If farmland price increases in the market, farmer's buyback arbitrage would be up by exercising the redemptive right, but the policy cost of the government would increase, too. Therefore, the continuity of business could be threatened. The objective of this study is to estimate the option value of “Farm Revival Program” and examine new policy directions. 1. 서론 2. 농가부채 문제와 경영회생지원사업 3. 분석 모형 및 자료 4. 분석 결과 5. 요약 및 결론 한국농촌경제연구원 농지은행 경영회생지원사업의 옵션가치 추정 The Analysis of the Effect of the Farm Revival Program using the Option Pricing Approach KREI 논문 109 91 Lim, Sewha Yang, Seungryong page. 91 - 109 경영회생지원사업 옵션가치 몬테카를로 시뮬레이션 Farm Revival Program option value Monte Carlo simulation