實值期權 的英文怎麼說
中文拼音 [shízhíqīquán]
實值期權
英文
inthemoney option-
But my focus was specially laid on the decision - making of investment under uncertainty and with competition, i first. extend the basic model of dixit & pindyck ' s by allowing the relevant parameter to be a random variable, then proposed an numerical example to show how to solve this model, i gave the algorithm and did the comparative static analysis, finally i developed a model of duopoly under uncertainty, considering the competition between the firms explicitly, using roa, i calculated the two firm ' s values respectively when they take different roles - to be leader or follower, and then checked the possible equilibriums
本文的重點是考察在同時存在不確定性和競爭的情況下，如何用實物期權的理論估算投資項目的價值，為此，文中發展了兩個模型，第一個模型是對dixit & pindyck的模型的擴展，它通過一個相關的隨機變量來考察競爭對項目價值的影響，但沒有考慮企業間的相互博弈，文中給出了一個例子詳細地說明了該模型的求解並做了敏感性分析；第二個模型是一個不確定情況下的雙寡頭模型，文中給出了用實物期權方法計算的兩企業在處于領導者和跟隨者兩種不同境況時的價值，並將企業間的相互博弈考慮在內，考察了可能的均衡狀態。Real options approach to the value of patents right
實物期權在專利權價值評估中的應用By analyzing and studying the theory and practice difficulties of implementing eso motivation in domestic enterprise, and referring the essential character of the enterprise, especially the state - owned ones, the study suggest that the key point of theory and practice of designing motivation mechanism is property right system which need to establish modern enterprise system based on perspicuity of property right, that the key joint of designing and implementing eso is setting up the reasonable examination system for solving both the lack of incentive and restrict, recommending eva method as the performance examination system, and that the considerable relation of present and further for operating eso is connecting the short term incentive coming from the enterprise with the long term motivation from stock market
分析和研究了中國企業實施期權激勵的理論與實施難點，結合我國企業特別是國有企業的本質特徵，提出了我國企業激勵機制設計的理論與實踐的結合點是產權制度，必須深化和加快建立以產權明晰為基礎的現代企業制度；指出了建立既解決激勵不足又完善約束機制的科學合理的考核制度是我國企業實行期權激勵的設計和實施的結合點，推薦採用經濟增加值法作為我國企業實行股票期權激勵的企業價值或業績考核體系；論述了改變公司經營者報酬結構，將以會計盈餘為基礎的短期激勵與以市場價值為基礎的長期激勵相結合是我國企業實行期權激勵的現實和未來的結合點。The utilization of the real options method can consider all kinds of characteristics of ship investment comprehensively, and objectively appraise the value of project. even more, it can help ship owners to avoid the eyeless ship investment for the reason of lacking the analytical tools
使用實物期權方法較全面地考慮到了船舶投資項目的各種特點，充分評估了其中管理彈性的價值，對于正確確定船舶投資項目的價值具有重要的意義，可以避免船東在進行船舶投資時因沒有正確的決策分析工具而陷入盲目的境地。From the related literature about the real options method, in the current the field of theoretical research scope is relatively fragmented. different investment areas and industries using which kind of pricing models, there are not a complete core theory that applies to all areas and sectors in the valuation models. but this does not affect research in the specific area of investment and industry
進行了以上的期權特徵研究后，本文結合報業媒體投資實例進行了兩種不同類型實物期權參數的測算和價值的計算，並分析了計算結果，提出了提高投資項目中實物期權價值的策略，最後闡述了本文的結論和對實物期權方法應用的展望。Traditional methods of evaluation concern the risk and profit in the static prospect ignoring the management flexibility in the whole process, such as abandon switclu expanding investment, in this way it ca n ' t get a correct result. this paper introduce option into the investment areas, taking the flexibility in the investment process as an option, and form the concept of real options
傳統的投資評估方法從靜態的角度考慮投資面臨的風險和收益，往往忽視管理者在整個過程中的靈活性，如放棄、轉換、擴大投資等，因此不能正確地評估投資計劃的價值，從而導致投資決策的失誤。將期權思想引入投資領域，把投資中存在的選擇權視為一種期權，就形成了實物期權概念。Secondly, similar with financial options, the valuation of real options is decided by six parameters, whose effects to the value of real options can be see by making a simply sensitive analysis
其次，與金融期權類似，在實物期權的價值決定上，主要有六大參數杠桿在起作用，用簡單的敏感性分析可粗略判斷這六大參數對實物期權定價的個別影響程度。The investment of commercial real estate development has real option characteristics, because the real option method can properly deal with uncertainty, irreversibility and flexibility. in this part, the author construct a framework for analyzing the real options of commercial real estate investment decision, and analyzes the real options of commercial real estate investment decision from confirming the problem solved, analyzing the uncertain source, distinguishing the key uncertain factor, discerning the type of real options, constructing the real options option model, calculating the value of the commercial real estate, checking the result of calculation and redesigning, finds that the commercial real estate development has postpone option, expansion option, shrink option, change option, give up option. it proves that the commercial real estate has management flexibility in the development item, and the flexibility give
由於實物期權方法可以很好地解決不確定性、不可逆性和靈活性，因而商業地產投資決策具有實物期權特性，同時從確定要解決的問題、分析不確定性的來源、鑒別關鍵的不確定性因素、識別實物期權類型、構建期權定價模型、計算項目價值、檢查計算結果和重新設計八個方面，構建了商業地產投資決策的實物期權分析框架，得出商業地產開發項目中通常存在推遲期權、擴張期權、收縮期權、轉換期權、放棄期權等期權類型，說明商業地產開發項目中具有管理和經營柔性，而這種柔性賦予了商業地產開發項目實物期權的特性。In this deputy - client relationship the form is the deputy of the human resources. so we can tell that there are real option bond between the form and the human resources. human resources ’ real option is a special choice rights
特別是高技術企業中研發人員大量的「外包」現象的出現，針對這一現象論文創造性的提出了智力勞動為主的人力資源開發在價值生產中具有實物期權性質的理論。( 2 ) in the part of building up the valuation methods of the high - and new - tech enterprise, firstly describe the principles adhered to by building up it, and then begin to build up the methods. its main route is : assess the value ? driven factors of the high ? and new ? tech enterprise, valuate the physical assets with discounting cash flow ( dcf ) model and the growth opportunity with real option pricing model
（ 2 ）高新技術企業價值評估方法構建部分，首先論述方法構建應堅持的原則，然後構建方法，其路徑為:評估高新技術企業價值驅動因素;用折現現金流量法評估現有資產的價值;用實物期權定價法評估競爭條件下的增長機會價值。From theory, this thesis offers a new real options analysis frame based on integration of the real option theory research of these days. from method, we have applied the financial option models to evaluate the real - options existing in real investment projects, we focus on exercising the existing models and analyze what shortcomings are there when we do so. after that, we offer a new model to evaluate the switch options improved on option pricing theory, in this empirical research, we replace labour force cost with daily wages
本文從理論和方法兩個方面展開：由於實物期權的概念是由金融期權引申而來，所以在理論方面，首先分析了金融期權的內涵，並綜合目前實物期權理論研究的成果，提出了一個完整的實物期權分析框架。方法上，除了運用目前存在的金融期權定價模型來評估一些實際存在的投資計劃，還在期權定價理論的基礎上針對轉換期權建立了一個模型並計算它的價值。It also studies the problem of real option pricing when the underlying assets follow the pure jump poisson, mixed jump - diffusion merton and mean - reversion model, and obtains the price formula or partial differential equation to price and hedge the real option. when the value of real option can not separate from the value of project, or the uncertainties are endogenous to real option holder, it is difficult to pricing the real option by the ways of no - arbitrage. in this paper we present a approach named valuation with comparison, its basic point is to value the project or program with flexibility by means of decision tree analysis ( dta ) and stochastic dynamic programming ( sdp ), and the results are compared with that of non - flexibility, finally,
當實物期權的價值不能從項目價值中分離出來，或者影響基本資產價格的不確定性內生於期權的持有者時，此時實物期權的價值一般難以直接利用無套利方法得到，本文通過對現有文獻進行歸納，提出一種比較定價法，其基本要點是利用決策樹、動態規劃法或二叉樹模型等技術來確定嵌有柔性的項目或方案的價值，然後將其與沒有柔性的項目或方案進行比較，從而獲得各種柔性的價值，作為這種方法的一個應用，本文研究了柔性勞動合約的設計與定價問題，研究表明，對企業重要員工採用長期勞動合約，而對一般員工採用短期合約可以節約勞動力使用成本。Valuation of enterprise of emerging technology as real options
新興技術初創企業價值的實物期權定價分析At first, if the fluctuation of venture capital value accords with wiener processes, how to achieve appraisal with black - scholes is discussed. secondly, if it doesn " t, real options could be copied by the combination of twin - security and risk - free bond
首先，討論創業企業價值波動符合維納過程的情況下，如何利用black - scholes微分方程來實現對其進行估價；其次，若創業企業價值波動不符合維納過程，就通過符合維納過程的孿生證券股票和無風險債券的組合來復制實物期權。This article applies in kind time power method to the land development decision - making, fully considered determinism to the land development decision - making influence, in kind time power method cannot objectively process in the land development process not determinism, and through the binomial time power fixed price method determined the detention development land the time power value, appraised leaves unused the land the development question
摘要將實物期權方法應用到土地的開發決策中，充分考慮了不確定性對土地開發決策的影響，實物期權方法能夠客觀地處理土地開發過程中的不確定性，並通過二項式期權定價方法來確定延遲開發土地的期權價值，評估閑置土地的開發問題。Valuing investment of emerging technology is based on catching hold of series options being created by future chance of development. this paper suggests that real options thinking and methods are importance in managing emerging technology as well as development and characteristics of emerging technology, and emphasizing on modern biotechnology, we go deep into discuss application of real options thinking and methods of valuation in management of emerging technology
投資新興技術的主要價值在於通過抓住未來發展機會創造的系列期權，本論文以新興技術發展為研究背景，結合新興技術特點，提出實物期權思維和方法在新興技術管理中的重要性，並以現代生物技術為研究重點，對實物期權思維方式和評價方法在新興技術管理中的應用進行了深入探討。In this paper, i introduced a new method, namely the contingent claims analysis or real options analysis ( roa ) for the decision - making of investment under uncertainty. beginning with financial options, i introduced the relationship between financial options and real options, and then made a comparison between roa and the npv method which is popular now in decision - making of investment, and through two examples, illustrated how to solve for the values of real options by various methods, such as binomial trees and definite difference methods
論文以金融期權的相關理論為起點，引入了實物期權的相關概念，分析了金融期權和實物期權的關系，並對實物期權與傳統的投資決策方法? npv法進行了比較，指出npv法由於無法適當的估計蘊含于投資項目中的管理靈活性的價值而往往容易造成對投資項目的低估；在兩個實例中通過使用不同的方法介紹了如何求解實物期權的價值。The real - options approach is an important thought approach concerning taking the gauge of value and making strategy policy
實物期權分析方法是關于價值評估和戰略決策制定的一種重要思維方法。This paper analyses the government supports in infrastructure concessionary projects ; points out the options character of government support and evaluates its values by using options theory ; provides a kind of quantitative analysis method for government concession awarding
本文在對基礎設施特許經營項目的政府保證進行了深入分析，指出了特許權的看跌期權特徵，並使用實物期權的分析方法對政府保證的價值進行了定量研究，為政府特許權的授予提供了定量分析的參考方法。This part consists of three parts as follows : analyzing the real options characters of oil - gas exploration and development, making a quantitative analysis of two factors : exploration success rate and oil price which have influences on the project ' s value using historic statistical data, expatiating the practical demands because of the disfigurements of the conventional method. the fourth part of the article designs the real options models and ascertains the parameters estimating methods
從以下三個方面闡述：分析油氣勘探和開發所具有的實物期權特性；利用歷史統計數據，定量分析影響項目價值的兩大因素：勘探成功率的波動和石油價格的波動性；闡述傳統方法存在的問題引發的新方法研究實際需求；第四，實物期權法模型構建與參數方法確定。分享友人