Case Study On China’s Oil-Real Option Pricing With Mixed Ownership Reform Research

Oil and gas resources like veins throughout our country national economy. Oil and gas production of high investment, high technical difficulty, high risk industry such as property, the cost and value do not match, form is the existence of monopoly particularity. Forward guidance file points out that to promote state-owned enterprise under the state council to deepen reform of the mixed ownership, strengthen the market main body activity, with reform guidance. Market pricing is the result of the property right adjustment, the reduction of state-owned shares is how to measure, the DPP countries back how to price of state-owned assets, academics have not reached a consensus, also not form effective pricing mechanism. Rational asset pricing way restricts the mixed ownership reform in our country, this is one of the problems under the condition of market economy to be solved urgently.This article first to the mixed ownership reform of state-owned enterprises and the reform of the oil and gas as the background, from the current situation of oil mixed ownership reform, raises the importance of oil exploration and exploitation of qualification licence. For private enterprises oil producers, oil exploration and exploitation of qualification licence strategic investment opportunity value, it will make the oil exploration and exploitation of qualification licence holders easy to enter the oil exploration and exploitation of upstream areas even in the middle and lower reaches. Petroleum exploration and production qualification license is a kind of real options. In this paper, with Black(Black)- black-scholes(Scholes) option pricing model study of oil exploration and exploitation of qualifications of the real options value of Chinese oil and China petrochemical, the real option method with net present value method, by using comparative analysis method and statistical analysis and so on after reasonable pricing, and combines the actual conditions of China’s oil put forward a set of optimized design scheme, adopt the method of mixed ownership reform to introduce private capital, revitalize the existing resources, petroleum enterprise to solve the problem of high market concentration of the oil industry and the problem of oil pricing mechanism, making possible the Chinese oil companies of the PPP mode.