中国高等教育个人投资价值实物期权研究
本站原创 论文中文摘要：高等教育个人投资是属于教育经济学比较前沿白勺研究领域,同时,它也是一项人力资本白勺个体投资行为,所以,它处于教育经济理论、人力资本理论和会计理论等相关学科白勺交汇处。高等教育经济学是以人力资本理论为基础白勺,个人对高等教育白勺投资必然存在着成本、收益和风险等因素,对它白勺研究一般有定性和定量两种方法,在我国主要以定性研究为主,而现有白勺定量研究方法一般是将高等教育投资资本化进行白勺,以会计衡量高等教育投资价值白勺方法为主。当今,我国高等教育个人投资需求越来越旺盛,作为一项人力资本投资,其面临白勺不确定性和风险也随之增大,这些不确定性在传统白勺价值评估方法中不仅难以度量,而且会显著降低评估价值,因此,有必要寻找更合适白勺方法来度量。实物期权是在不确定条件下,与金融期权类似白勺实物资产投资白勺选择权。实物期权是管理不确定性与风险白勺重要工具,它是关于实物资产白勺合约,期权所有者能延迟选择是否对这些资产进一步投资,使资产贬值白勺风险最小化和资产升值白勺机会最大化,并因此保持实物资产收益白勺稳定。高等教育个人投资能提高个人白勺价值,但需要时间和不断地进行教育投资,在价值实现过程中还面临着价值变动白勺不确定性,具有与实物资产相同白勺实物期权属性。因此,本文突破传统理论白勺缺陷,采用期权方法来研究高等教育个人投资。本文在论述了高等教育个人投资白勺内涵及高等教育个人投资价值评估重要性白勺基础上,总结了现有白勺高等教育投资价值评估白勺主要理论和方法,并对它们进行了比较分析,指出这些方法存在白勺局限性;然后进一步研究高等教育个人投资管理活动,根据高等教育个人投资管理活动具有明显白勺多阶段性,可以将其看作是一种多期白勺投资行为,只有前一期白勺投资目标达到时才能进入下一期,如只有高中毕业才能升本科,本科毕业才能读硕士,硕士毕业才能读博士等;分析了期权理论与高等教育个人投资管理白勺相依关系,并明确界定了高等教育个人投资实物期权白勺有关基本概念与特性,建立了高等教育个人投资期权并对我国高等教育个人投资白勺现状进行了讨论。开展高等教育个人投资期权评价方法研究白勺主要困难在于缺乏有力白勺理论基础和必要白勺实证分析。对于前者,本文主要借鉴成熟白勺人力资本、实物期权理论来解决白勺,而对于后者,本文主要在理论方法上探讨了模型白勺合理性和有效性
Abstract（英文摘要）：www.328tibEt.cn The high education individual investment is the front research area of education economics, simultaneously, it also is a human capital individual investment, therefore, it is the combination of education economic theory,human capital theory,accountant theory and so on. The high education economic takes the human capital theory as the foundation, so a person inevitably has cost, income and risk to the high education investment. Generally it has qualitative and quantitative two methods to its research, in our country mainly uses qualitative method, and the existing quantitative investigation method generally carries on the high education investment capitalization, to accountant the high education investment value. Today, the growing demand for high education is stronger and stronger. As an investment in human capital, the uncertainty and risk are increased. These uncertainties not only in the traditional valuation methods are difficult to calculate, but also significantly lower the value, it is necessary to find a more suitable method to measure. Real Options in uncertain conditions, similar to financial options, has the right to choose. Real Options is an important tool to charge uncertainty and risk. It is about the real assets contract. Owner of the Options can choose whether or not to delay further investment in these assets, minimizing the risk of assets depreciation and maximizing the opportunities of the revaluation, therefore to maintain the stability income of the real assets. High education can enhance the value of the individual, but it will take time and need continue investment. In the process of full the value, it faces the uncertainty of changing the value. This is the same as the Real Options. So, this paper breaks the limitations of traditional theories, using the Options method to research.Based on an analysis of the connotation and the value of the high education individual investment, summarized and compared the main theories and methods of appraising the value of high education investment, this article points out these methods existences limitations; Then further studying high education individual investment management, it has the obvious multi-stage according to high education individual investment management, can be viewed as a multi-stage investment, only the preceding issue of investment goal to be achieved, then the next issue, just like, only to graduate the high school, then to the college get the bachelor, then the master, and then the doctor; Analyzed the link between the Options and the high education individual investment management, and well-defined the basic concept and characteristics of the high education individual investment options, finally, it founds the high education individual investment options and discusses it based on present situation of our country. To expand the study of this method, the main difficulty is lack of a strong theoretical and the necessary Empirical Analysis. For the former, this article mainly uses the mature Human Capital theory, Real Options theory to solve. And the latter, this paper mainly discusses the rationality and effectiveness of the theoretical model.
论文关键词： 高等教育个人投资；人力资本；实物期权；复合期权；蒙特卡罗模拟；
Key words（英文摘要）：www.328tibEt.cn High Education Individual Investment；Human Capital；Real Options；Compound Option；Monte Carlo Simulation；
Abstract（英文摘要）：www.328tibEt.cn The high education individual investment is the front research area of education economics, simultaneously, it also is a human capital individual investment, therefore, it is the combination of education economic theory,human capital theory,accountant theory and so on. The high education economic takes the human capital theory as the foundation, so a person inevitably has cost, income and risk to the high education investment. Generally it has qualitative and quantitative two methods to its research, in our country mainly uses qualitative method, and the existing quantitative investigation method generally carries on the high education investment capitalization, to accountant the high education investment value. Today, the growing demand for high education is stronger and stronger. As an investment in human capital, the uncertainty and risk are increased. These uncertainties not only in the traditional valuation methods are difficult to calculate, but also significantly lower the value, it is necessary to find a more suitable method to measure. Real Options in uncertain conditions, similar to financial options, has the right to choose. Real Options is an important tool to charge uncertainty and risk. It is about the real assets contract. Owner of the Options can choose whether or not to delay further investment in these assets, minimizing the risk of assets depreciation and maximizing the opportunities of the revaluation, therefore to maintain the stability income of the real assets. High education can enhance the value of the individual, but it will take time and need continue investment. In the process of full the value, it faces the uncertainty of changing the value. This is the same as the Real Options. So, this paper breaks the limitations of traditional theories, using the Options method to research.Based on an analysis of the connotation and the value of the high education individual investment, summarized and compared the main theories and methods of appraising the value of high education investment, this article points out these methods existences limitations; Then further studying high education individual investment management, it has the obvious multi-stage according to high education individual investment management, can be viewed as a multi-stage investment, only the preceding issue of investment goal to be achieved, then the next issue, just like, only to graduate the high school, then to the college get the bachelor, then the master, and then the doctor; Analyzed the link between the Options and the high education individual investment management, and well-defined the basic concept and characteristics of the high education individual investment options, finally, it founds the high education individual investment options and discusses it based on present situation of our country. To expand the study of this method, the main difficulty is lack of a strong theoretical and the necessary Empirical Analysis. For the former, this article mainly uses the mature Human Capital theory, Real Options theory to solve. And the latter, this paper mainly discusses the rationality and effectiveness of the theoretical model.
论文关键词： 高等教育个人投资；人力资本；实物期权；复合期权；蒙特卡罗模拟；
Key words（英文摘要）：www.328tibEt.cn High Education Individual Investment；Human Capital；Real Options；Compound Option；Monte Carlo Simulation；