A Research on Evaluation of Economic Values of Tourism Resources of Scenic Spots

相较于中国旅游业的跨越式发展，作为旅游业内核的旅游资源这种“准公共产品”的经济价值却长久未得到科学评价，景区旅游资源经济价值的货币衡量问题是中国旅游业亟待解决的关键科学问题之一。本文按照时序梳理国内外景区旅游资源经济价值研究的历史进程与主要评估方法。在文献述评基础上，分析了景区旅游资源经济价值评估的四大理论依据，剖析效用价值论、福利计量理论、产权理论、资产评估理论的基本思想及其应用启示，进而围绕“景区旅游资源经济价值的理论建构与形成机理——景区旅游资源经济价值的资产化和资本化实现机制——景区旅游资源游憩价值和经营权价值的评估机理——景区旅游资源游憩价值和经营权价值评估方法与模型优化研究”的研究...Compared with the leap frog development of tourist industry in China, the economic value of quasi-public goods of tourism resources as the core of tourist industry hasn’t been evaluated scientifically for a long time. The issue of the economic value of scenic spots is one of urgencies of tourist industry in China. This paper elaborate research history and the main evaluation methods of economic va...学位：管理学博士院系专业：管理学院_旅游管理学号：1782011015359

中国景区经营权流转的法理逻辑与实现模式

景区经营权的有序流转是落实国家自然资源资产管理制度的关键。对景区经营权流转的机制进行深入剖析,基于土地中心主义立场将国有景区经营权的法律属性定位于旅游用地使用权(用益物权),将集体景区经营权的法律属性定位于集体所有土地上的租赁权(合同债权);循着\"二元主义\"财产权体系论证得出两者均需在《物权法》的规制下,依照《合同法》的相关规定在市场中进行交易流转,前者流转模式包括出租、抵押、(物权)转让、出资模式,后者流转模式包括转租、(债权)转让、质押模式,且景区经营权流转符合国家旅游产业政策导向,进而提出了相应的政策创新启示。国家社会科学基金项目“文化演出产业与旅游产业融合战略研究”(编号:15CGL034);;浙江省社会科学界联合会研究课题“浙江文化产业与旅游产业融合的动力、路径与战略研究”(编号:2015N044);;宁波市软科学研究计划项目“宁波文化创意产业集群发展动力、模式、路径与政策研究”(编号:2015A10050

景区游憩价值的多方案条件价值评估

正确评估景区游憩价值是一个具有理论意义和实践价值的亟待解决的科学问题。多方案条件价值法(MPCVM)的理论基础是福利计量理论和要素价值理论,能够评估出各资源要素的游憩价值,其科学性和准确性优于仅能评估出整体价值的CVM。文章结合太姥山景区的实地问卷调查,在计量模型的比较研究基础上应用MPCVM评估景区旅游资源各要素的游憩价值,并进一步揭示各要素间的互补/替代关系。实证研究结果表明:受访游客的年龄、教育程度、月收入、认知度、满意度都与改善方案的选择概率呈显著正相关;旅游资源各要素间的游憩价值差异较大,而且双要素之间存在替代效应,三要素之间存在互补效应。总的看来,MPCVM在评估要素价值、揭示要素间关系、降低研究偏差等方面较之CVM具有更好的学术价值和实际应用价值。国家社会科学基金青年项目(13CGL080)阶段性成

Multiple Case Assessment of Recreational Values of Scenic Spots Based on Truncated Poisson Model

分析了国外较新的游憩价值评估方法——高级个体旅行费用法(AITCM)的理论适用性,严格按照其调查流程对福建省太姥山、白水洋和冠豸山景区进行了实地调研,运用截断泊松模型实证估计旅游需求函数以评估游憩价值。研究结果表明:三个景区的游憩价值分别为5.9438亿元、2.4566亿元、1.8292亿元;旅行费用、景点游憩数、游憩时间、月收入与旅游需求呈现显著负相关,性别、教育程度与旅游需求呈现显著正相关;理论分析与计量检验表明基于截断泊松模型的AITCM是一种适用于评估景区游憩价值的有效性较高的方法。研究对于政府制定景区经营权交易政策,景区管理者衡量旅游的社会收益,以及投资者开发管理景区等都具有重要启示作用。Advanced Individual Travel Cost Method(AITCM) is a new recreation valuation method used by scholars, the paper analyzes the theoretical applicability of AITCM and conducts field research on scenic spots of Taimu Mountain, Baishuiyang and Guanzhai Mountain of Fujian Province in strict accordance with its investigation process.Moreover, the paper applies truncated poisson model to estimate travel demand functions for calculating recreation values.The research conclusions are as follows: first, recreational values of three scenic spots are 594.38 million Yuan, 245.66 million Yuan, 182.92 million Yuan respectively.Second, visitors' travel cost, the number of attractions, recreation time, monthly income are significantly positively related with travel demand; gender and education level are significantly negatively related with travel demand.Third, theoretical analysis and econometrics tests show that AITCM based on truncated poisson model is an applicable recreation valuation method with high level of validity.The paper has important inspiration for the government to make trade policy of management right, and for scenic spot managers to measure social benefits of tourism, and for investors to develop and management scenic spots.国家社会科学基金项目“基于法律关系视角的公共资源类景区出让收益合理共享机制研究”(13CGL080

Critical tidal level for Kandelia candel forestation in strong tidal range area

以国内最大潮差值的乐清湾西门岛海域为研究地点,选定黄零为1.96、1.66、1.35和1.03M4个高程断面,对各高程上1年生和3年生秋茄(kAndElIA CAndEl)幼苗的成活率、生长指标以及污损生物(藤壶)等因子进行了统计分析.结果表明:不同高程内,1年生和3年生秋茄幼苗的生长存在显著性差异;秋茄幼林植株上附生有白脊藤壶(bAlAnuS AlbICOSTATuS)和纹藤壶(bAlAnuS AMPHITrITE AMPHITrITE)2种藤壶,其中优势种白脊藤壶在黄零1.35M的高程对秋茄的污损最为严重.西门岛秋茄的宜林线为黄零1.66M,即不低于当地平均海平面以上1.29M、每个潮水周期平均淹水时间小于3.65H的潮滩.藤壶、强潮和极端天气是该地区秋茄宜林线明显高于当地平均海平面的主要原因.Taking Ximen island of Yueqing bay,the biggest tidal range area among the coasts of China,as study site,an investigation was made on the survival rate,growth characteristics,and attached barnacles of 1-and 3-year old Kandelia candel seedlings at the elevations 1.96,1.66,1.35,and 1.03 m above the zero tidal level of Yellow Sea.Significant differences were observed in the survival rate and growth situation of the seedlings among the elevations.There were two barnacle species,Balanus albicostatus and Balanus amphitrite amphitrite,and B.albicostatus was the major species which attached K.candel most seriously at elevation 1.35 m.The critical tidal level for K.candel in the site was 1.66 m above the zero tidal level,i.e.,at least 1.29 m higher than the local mean sea level,and the flooding time per tide cycle being less than 3.65 h.Barnacle,strong tide,and extreme weather event were the main reasons for the higher critical tidal level.海洋公益性行业科研专项(200805072);浙江省科技计划项目(2008F1009);温州市科技计划项目(S20060037);浙江省科技厅创新团队建设与人才培养项目(2009F20009)资

重庆市主城区长江和嘉陵江水中有机污染物对斑马鱼胚胎仔鱼的毒性研究

目的以重庆市主城区大溪沟(嘉陵江)和寸滩(长江)两个点为代表,研究2004~2005年度重庆市水源水中有机污染物的组成和对斑马鱼胚胎仔鱼的毒性。方法固相萃取法萃取水中有机污染物,GC/MS检测有机污染物的种类;将萃取的有机污染物溶于DMSO中,并用斑马鱼胚胎仔鱼实验研究水中有机污染物对斑马鱼胚胎孵化率和仔鱼畸形率的影响。结果四个水样中均可检出有机污染物,污染物的种类以酞酸酯类和多环芳烃类为主;污染物可导致斑马鱼胚胎孵化率降低及仔鱼畸形率增加,其毒性呈现出时间和剂量依赖性;同一采样点中,枯水期水样毒性大于

Capitalization of Tourism Resources:Evolvement Path,Legal Regulations and Implementation Mechanisms

构建旅游资源资本化机制是健全国家旅游资源资产管理体制和实行旅游资源有偿使用制度的关键所在,但现有研究缺乏对其内涵的廓清、合法性的诠释与机制的分析。有鉴于此,本文对旅游资源资本化的过程进行深入剖析,以其演进路径研究为切入点,发现旅游资源资产化和资本化过程存在空间并存性和时间继起性,其演进过程伴随着产权的廓清与流转及其经济价值的框定与增值。而且,本文循着物权法理逻辑将旅游资源经营权的法律属性定位于旅游用地使用权,论证得出该用益物权能够依法进行市场化流转,符合国家旅游产业政策导向,使得旅游资源资本化具有合法性和合政策性。进而阐明了旅游资源的资产化实现机制包括所有权、用益物权、担保物权的界定及其经营权价值、游憩价值的评估,其资本化实现机制包括经营权的出租、抵押、转让、入股等方式的流转及其资产证券化。在此基础上,本文为政府推进旅游用地分类管理、优化旅游资源经营权的估价机制与交易市场提供了政策创新启示。There are several problems in the traditional management mechanism of tourism resources,including unclear definition of property right,excessive low value evaluations and lagging protecting work of tourism resources.With the comprehensively deepen reform in our country,it seems particularly urgent to reform the existing management mechanism of tourism resources with the asset-like and capitalization mode.It is of great importance to implement the regulations that tourism resources should be paid for use.The study on tourism resources capitalization is an urgent scientific issue with theoretical significance and practical value.However,current studies are lack of analysis about its definition,legitimacy as well as mechanism.Therefore,this paper focuses on legal regulations and implementation mechanism of tourism resources capitalization,and dives deeply into the evolutionary process of tourism resources capitalization.The paper is aimed to clarify the route and mechanism under existing legal framework,and finally draws the following conclusions.First of all,when scarce tourism resources with clear legal property rights have expected benefits,they become tourism resource assets.When the assets increase their values during the market-based circulation,they become tourism resource capital.Tourism resources asset-like and capitalization processes have a characteristic of space compatibility and they appear in sequence,accompanied by the clarity and transition of property rights as well as the evaluation and increment of economic values.What's more,ownership rights of state-owned tourism resources can't be traded as a business,and the franchise right of tourism resources hasn't become a kind of legal rights.However,the owner of tourism resources is able to set up the use right of tourism land whereby his tourism resources are attached.This right is called the franchise right of tourism resources by tourism scholars and it can be transferred in the market.The crucial point of tourism resources asset-like and capitalization is about the franchise rights of tourism resources,instead of ownership rights which are not for sale.And a series of national policies provide clear and feasible guidance for the evolvement from asset-like to capitalization of tourism resources.Thus,tourism resources asset-like and capitalization is consistent with related laws and government policies.Moreover,the essence of tourism resource asset-like is to make sure the rights and interests of tourism resource owners are not harmed,realize the economic values of tourism resources preliminarily,and protect and administrate tourism resources effectively.The first implementation mechanism for tourism resource asset-like is the clear definition of the proper right,usufructuary right and guarantee real right of tourism resources.The second is the quantitative assessment of recreational value and franchise right value of tourism resources.By contrast,the essence of tourism resource capitalization is the market-oriented allocation of franchise rights,with a purpose of increasing the possibility of transition and value-added as well as realizing the economic value of tourism resources completely.The first implementation mechanism for tourism resource capitalization is the circulation of franchise rights of tourism resources by means of leasing,mortgaging,transferring or sharing.The second is the asset securitization of tourism resources.Last but not least,it should be pointed out that some misunderstandings need to be avoided during the process of asset-like and capitalization of tourism resources.Only in this way can we develop new tourism resources on the premise of protection of tourism resources.On the one hand,current asset securitization model of tourism resources only applies to artificial tourism resources,and it's legal to transfer the franchise right of tourism resources with usufructuary right attribute.On the other hand,the franchise right of tourism resources with obligatory right attribute should be combined transfer with the corresponding use right of tourism land in order to avoid loss of state-owned assets.国家社会科学基金青年项目“文化演出产业与旅游产业融合战略研究”(15CGL034);国家社会科学基金青年项目“基于法律关系视角的公共资源类景区出让收益合理共享机制研究”(13CGL080); 宁波市软科学研究计划项目“宁波文化创意产业集群发展动力、模式、路径与政策研究”(2015A10050

“蒲公英-蝌蚪-鳝鱼”食物链的物流与能流分析

本文对食物链“蒲公英-蝌蚪-鳝鱼”的物质流和能量流作了定量分析。结果表明:该食物链经济产品的物质、能量转化效率较低,生物量转化效率为1.1％,能量转化效率为0.8％,N、P转化效率分别为3.1％、1.5％。但该食物链刺激鳝鱼食欲,有利于鳝鱼繁殖

Capitalization Rates and Their Influences on Chinese Listed Tourism Companies Involved in Scenic Spots

文章根据加权平均资本成本和资本资产定价模型,通过计算8家中国景区类上市公司2004~2011年的权益资本成本和债务资本成本,得出景区类上市公司历年资本化率数值,并分析其变动趋势,为应用收益还原法评估景区经营权价值提供了较为科学的资本化率数值。并利用非平衡面板随机/固定效应模型,考察了控制权结构、董事会独立性、债权人治理因素对中国景区类上市公司资本化率的公司治理效应。研究结果发现,控制权结构与资本化率之间存在着倒“u“形的非线性关系,而董事会独立性对资本化率的影响不显著,若适当增加负债融资比例,可以加强对管理者的约束,降低资本化率。Properly evaluating the management franchise values of scenic spots can scientifically curb opportunism behaviors,and can reduce business disputes related to the transfer process of management franchises in cooperative ventures between the government and enterprises.However,it is difficult for academics in China to scientifically and quantitatively evaluate capitalization rate values used in the income capitalization approach.To approach this problem,this paper conducts a review of the literature on quantitative estimates of capitalization rates,analyzes share prices and data on corporate debt for Chinese listed tourism companies involved in scenic spots from 2004 to 2011,and reveals that the weighted average cost of capital,which comprises equity capital cost and debt capital cost,can be taken as a reasonable and objective estimate of capitalization rate.Additionally,this paper analyzes the trend of change in the capitalization rate from the perspective of diversified business modes.Moreover,based on the random / fixed effects econometrics model of unbalanced panel data,we discuss the factors of control ownership structure,board independence and creditor governance,and measure their corporate governance effects on capitalization rates of the studied companies under the conditions in which company level factors are controlled.The research conclusions of this paper are as follows: first,the studied companies have higher cost of equity capital than of debt capital.Capitalization rates are generally moderate,but differ considerably among the studied companies.The mean curve of the capitalization rates approximates the shape of the letter "W" in the annual period,and this shape changes to approximate an "inverted U" as the company's degree of diversification increases.Second,there exists a non-linear "inverted U" relationship between control ownership structure and capitalization rate,but board independence has no significant effect on the capitalization rate.In addition,an appropriate proportional increase in debt financing can strengthen constraints on managers,reduce the capitalization rate,and exert a positive effect on corporate governance.Third,there is a significant positive correlation between the profitability,solvency and capitalization rate of the companies.Moreover,enhancing the growth ability of the companies can reduce their capitalization rate.Company size has no significant effect on the capitalization rate.The policy implications of the research findings are as follows: first,according to the first and second conclusions,companies should make full use of debt financing to reduce their capitalization rates.Second,the average capitalization rate of 14.66% identified in this study can be used as a scientific capitalization rate value when the income capitalization approach is applied to assess the economic values of scenic spots.Third,according to the first conclusion,companies should increase their diversification to reduce the capitalization rate.Finally,improving corporate governance structure is the simplest measure that companies can implement to reduce the capitalization rate.Companies should avoid a highly concentrated ownership structure to reduce "tunneling" behavior.They should also increase the proportion of outside directors so as to increase the independence of the board of directors.In addition,they should make full use of mandatory debt interest payments to strengthen constraints on the top management team

The Evaluation of Management Right Value of Scenic Spots——Based on the Research Perspective of Real Options

景区经营权价值评估是实现我国景区经营权合理流转的关键,但以收益还原法为主流的现行方法并不能准确地评估景区经营权价值。通过研究,本文发现,引入实物期权概念能够提升景区经营权价值评估的准确性。本文以产权视角为切入点,通过景区经营权实物期权的动态和静态特征研究景区经营权的期权价值形成、演变机理,以冠豸山国家重点风景名胜区为例,初步实证了实物期权视角下的景区经营权价值评估,并得出如下结论:(1)景区经营权价值是一种依托于旅游资源的产权价值,其价值评估的实质是资本化景区旅游资源开发权利的价值,产权视角下的景区经营权,本质上是一种按年度执行的多期嵌套实物期权,旅游资源是其标的资产;(2)基于实物期权的景区经营权价值形成表现为:景区投资开发过程中,投资柔性给景区预期旅游收益与投资开发成本之间带来的差额变动;(3)景区经营权的实物期权特征是一个动态的变动过程,各阶段的期权价值呈现先增后减的变化态势,期权价值在经营权到期日将变为零;(4)融入实物期权法较单纯采用收益还原法更加科学,评估结果更为客观,实际参考价值更大;(5)在构建单一期权条件下的景区经营权期权价值评估模型的基础上,以冠豸山风景名胜区为例,通过与现有评估方法进行对比研究,进一步验证了实物期权理论在景区经营权价值评估中的应用价值。The transfer of management right of scenic spots is a typical phenomenon of Chinese tourism industry,and the assessment of managerial right value is the key issue in the transformation process of property right.After years of academic research,the Income Capitalization Approach has been mainly used in the value evaluation of management right.However,it is informed that the Income Capitalization Approach which is the mainstream of current methods can not completely solve the problems of the value evaluation of management right of scenic spots.Through research we find that the Real Option Theory is more helpful in the value evaluation of management right.Based on this,using the perspective of property right as the breakthrough point,this paper analyzes the dynamic and static real option characteristics of the managerial right,expounds the formation and evolution mechanism of the managerial right value of scenic spots,and makes a national scenic spot of GuanZhai Mountain as example,preliminary analyzing the value assessment of managerial right based on the perspective of real options.Based on the abovementioned analysis,the paper draws the following conclusions:( 1) The managerial right value of scenic spots is a kind of property value relying on tourism resources,and it is essence of the value evaluation that capitalizing the right value of tourism resources development.( 2) With the perspective of property right,the managerial right of scenic spot can be regarded as a kind of multiphase nested real option,and tourism resources are the underlying assets.( 3) The performance of option value of managerial right is determined by the flexibility which increases or compensate the investor`s profit,the managerial right value of scenic spot based on the real option value is manifested as the difference between the expected tourism income and investment cost.( 4) The real option characteristics of managerial authority is a dynamic process,the option value of each phase will first increase to a maximum value and then decrease to zero when the managerial right is over.( 5) The method by introducing real option is better than Income Capitalization Approach,which is more objective,more realistic and the evaluation results is also more reference.( 6) Using the option value assessment model of managerial right based on the condition of single option,and taking the GuanZhai Mountain for example,we calculate the managerial right value of GuanZhai Mountain,The result of the calculation is 207.5 million Yuan,the option value of managerial right of GuanZhai Mountain is 112.5 million Yuan.This result is 25.5 million Yuan more than the results( 182 million Yuan) calculated by traditional methods.Furthermore,the paper validates the application value of real option theory in the assessment of managerial right value of the scenic spot under uncertainty with a comparative study with the existing assessment methods( Travel Cost Method,Contingent Valuation Method and Income Capitalization Approach).In addition,we discuss the problem of the fluctuation of the underlying asset price of managerial right of scenic spots,and provide some comments.What's more,this study only puts emphasis on the theoretical study and fundamental analysis,empirical assessment modeling remains to be further studied.In the development process of the Real Option Theory,the theory itself still exist some difficulties and challenges in the theory and practice research.To make the theory be a more applicable and accurate method of the value evaluation of managerial right and investment analysis tools,we still need to continue to improve and perfect the theory