black market price 中文意思是什麼
black market price
解釋
黑市價格-
The results show that : ( l ) adoption of the intermittent mean price instead of the point price at the end of the option will help to reduce the chances of profit - making manipulated by managers and to curb the manager ' s motive to control the stock price ; ( 2 ) generally speaking, stock price of mean price option is more incentive to the managers than that of the black - scholes ; ( 3 ) when the stock market slumps at the end of the option, mean price option will ensure a moderate insurance for the managers ; ( 4 ) when stock price slumps alone with the overall situation of the stock market in the intermittent option, mean price option. however, will be inefficient as an incentive. chapter four addresses the questions concerning the manager ' s manipulation of the stock price, and the increase of the option risks because of long - term slump of the stock market
第三部分包括第三至五章，第三章針對時點價格容易被控制和時點價格的波動性太大，增加了經理期權的風險等問題，研究採用期權期內的平均價格替代期權期末的時點價格計算經理股票期權收益，構建了幾何型平均價格期權定價公式，並與black ? scholes期權定價公式進行了定量對比分析，結果表明： （ 1 ）採用期權期內平均價格替代期權期末時點價格有利於降低經理通過操縱股價的牟利機會，遏制經理操縱股價的動機； （ 2 ）一般條件下，平均價格期權股票價格對經理的激勵作用優于標準期權； （ 3 ）當臨近期權期末股價下跌時，平均價格期權能為經理提供適度保險； （ 4 ）當期權期內，股票受大市持續走弱影響而下跌時，平均價格期權失去了激勵作用。 -
Black market price
黑市籌資等詞匯 -
Study work mainly is : part one, look back and look ahead the financial development history and present situation that derives market and the futuristic tendency, summarize domestic and international theory and method about venture capital investment, discuss establishment and develop the financial necessariness and important meaning of our country that derives market ; part two, establishthe relation between investment risk and the radom expectation effectiveness of investor ? verage stochastic dominance of asset profit ; part three, covari - ance matrix in mean - variance model is analysed with sensitivity analysis and fuzzy analysis ; part four, have looked back the concept of option, the price relation of option and black - scholes option price formula, have put forward option price formula of the discounted value of option present value ; part five, have looked back the financial concept and its classfication that financial derivatives risk, have summarized financial risk management theory, measured and assessed methods of financial derivatives risk
主要研究工作為：第一章，回顧和展望金融衍生市場的發展歷史、現狀和未來，綜述國內外關于風險投資的理論與方法，論述建立和發展我國金融衍生市場的必要性及重要意義；第二章，建立投資者的隨機期望效用與投資風險之間的關系? ?平均隨機占優；第三章，均值方差模型協方差矩陣的靈敏度分析與模糊分析；第四章，回顧了期權的概念、期權的價格關系和black - scholes期權定價公式，提出了歐式看漲期權價格的折現值所滿足的微分方程；第五章，回顧了金融衍生品風險的概念及其分類，總結了金融衍生品的風險管理理論和金融衍生品風險計量和評估方法。 -
4. after changing the short - term profit function to possion jump process, in the view of that the derivated partial differential equation of the option pricing which different from black - scholes partial differential equation still is that interest rate is constant ( 4. 2 ), the model which does not accord with the real market under the assumption. at last, we derivat a new model of option pricing whoso profit rate is possion jump process under stochastic interest rate ( 5. 13 ), this model not only changes the form of the short - term profit function of the stock price model and avaids the simplization of the profit rate function the unusual flunction sources bring about, but also relaxes the basis assumption of black - scholes option pricing model and makes that the partial differential equation builds the foundation which even approaches the actual market
4 、將短期收益率函數由確定函數修改為possion跳躍過程后，文[ 15 ]推導出的期權定價偏微分方程（見方程4 . 2 ）雖然推廣了black - scholes期權定價偏微分方程，但此時依舊假設利率是常數，這與實際生活中的不符，我們研究了一個隨機利率下短期收益率函數是possion跳躍過程的期權定價模型（見5 . 13 ） ，該模型既改變了股票價格波動源模型中短期收益率函數的形式，避免了異常波動源帶來的收益率函數的簡單化。 -
The first part of this text recommends and explain the intension of the system of executive stock option with its key element, characteristic, current development, positive and negative effects, etc. which offering basic support for following analysis ; the second part, described the behavior of stock price and black - scholes option pricing model from the angle of quantitative analysis, and discuss the value factor of stock option with its encouragement, analyzed the change of every factor in black - scholes option pricing model impact on option worth ; then analyzed the leverage effects and manager ' s morals risk model of executive stock option, at last, considering the main defect existing in the system of executive stock option at present, that is : it depends on stock market unduly, and the stock option incomes of manager has no relationship with manager ' s achievement. this text bring forward the manager synthesizes achievement and appraises model
本文的第一部分全面介紹和闡述了經理股票期權制度的內涵，構成要素，特點，發展情況和正負效應等，為後面的分析提供了基本支持；第二部分，從定量分析的角度出發描述了股票價格行為和black - scholes期權定價模型，並以此為理論基礎探討了股票期權的價值因素和激勵性，分析了black - scholes期權定價模型中各因素的變化對期權價值的影響；接著分析了經理股票期權的杠桿效應和經理人道德風險模型，最後，針對當前經理股票期權制度存在的主要缺陷即：過度依賴股票市場，經理的股票期權收入與公司的業績缺乏相關性這一問題提出了經理綜合業績評價模型。 -
( 3 ) discussed the problem of option pricing under the condition of a market ' s completeness got the option ' s exact hedging trade formula. ( 4 ) with the fixed conditions of the black - scholes formula, improved the european price formula and combined the character of america option, concluded that under the same condition, call america option price equals call european option price
（ 3 ）利用市場的完備性條件，在完備性市場中討論了期權定價，得出在確定條件下套期交易策略的具體表達式（ 4 ）利用black - scholes公式的固有假設條件，對原有的歐式期權的價格計算公式進行延拓，同時結合美式期權的相關性質，得出在同等條件下，美式看漲期權和歐式看漲期權的價格相等。 -
We take the strategy of " set up brands with quality, occupy the market with price, obtain customer ' trust with service and rely on innovation for development ", take the brand construction and popularization of the black horse and heiniu as the goal. welcome domestic channel partners to cooperate strongly heartily so as to create a bright future
我們通過「以品質立品牌、以價格爭市場、以服務贏人心、以創新求發展」的策略，以黑馬、黑牛五金品牌的建設與推廣為目標，熱忱歡迎國內有實力的渠道夥伴合作，強強聯手，共同開創美好明天！
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