농지은행 경영회생지원사업의 옵션가치 추정

영문 제목
The Analysis of the Effect of the Farm Revival Program using the Option Pricing Approach
저자
임세화양승룡
출판년도
2012-04-21
초록
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.
목차
1. 서론2. 농가부채 문제와 경영회생지원사업3. 분석 모형 및 자료4. 분석 결과5. 요약 및 결론
서지인용
page. 91 - 109
발행처
한국농촌경제연구원
주제어
경영회생지원사업; 옵션가치; 몬테카를로 시뮬레이션; Farm Revival Program; option value; Monte Carlo simulation
발간물 유형
KREI 논문
URI
http://repository.krei.re.kr/handle/2018.oak/19936
Appears in Collections:
학술지 논문 > 농촌경제 / JRD
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