market price option 中文意思是什麼
market price option
解釋
市價期權/股權-
With the rapid development of the security stock market especially the stock market in chian ， issuing stock and circulating on market became the first choice of financing for more and more enterprise at the same time ， more and more investors are attracted by the relately high initial return of stock however ， the problem of ipos underpricing always exists in the stock market according to the data of more than one thousand chinese stocks ， most new issues had great raise in the first trade day ， and investors could acquire higher initial return than the average return of the stock market or the same industry we find that initial returns on a - share ipos average reached 132. 24 percent the main body of this paper is made up of six sections ： in the first part ， we introduced the method of the estimate of pricing decision ； in the second part ， we analyzed the method of the pricing decision and issuing system in china ， discussed the advantage and weakness of the various issuing methods ， and compared the economic efficiency between the examine and approve system and authorization system ； in the third part ， we analyzed the reason of ipo ' s underpricing in detail from information economics and other factors and combined with the environment of the chinese stock markets ， we analyzed the special characteristics in china and how they effect the ipo ' s underpricing in the fourth part ， we analyzed the data of chinese stock market with spss ， made a analysis of the administrative pricing decision and market pricing decision ， studied the underpricing phenomena of chinese stock market ， and analyzed it ' s causes ； in the fifth part ， we made a analysis of the examine approve system and authorization system ； and in the last part ， we drew some conclusions and put forth some policy advices the follow are the conclusions and policy advices in this dissertation ： （ 1 ） from the results of this empirical study ， we found that the issuing price - earning ratio and the market situation before ipos are strongly and positively associated with the underpricing of shares ， the issuing scale of ipo and the hit rate are strongly and negatively associated with the underpricing ； （ 2 ） we found that after the abolishing of ipo ' s p / e ratio and the using of authorization system ， there is no significant difference among the underpricing of shares ， but considered with the market entironment ， we think that the ipo ' s underpricing has been correspondingly reduced （ 3 ） to reduce difference between the primary market and the second market ， we suggested that we shall bring the " over - allotment option ( oao ) " to bear and resume the state - owned share and corporate - owned share to circulate on market as soon possible
本文的主體由六個部分組成：第一部分介紹新股發行定價的估值方法；第二部分對我國的發行定價方式和發行制度進行分析，探討不同發行定價方式的優缺點，以及審批制和核準制經濟效率分析；第三部分從信息經濟學角度和其他因素的角度詳細分析造成新股發行抑價的原因，並結合我國股票市場實際情況，分析了我國市場的特有因素是否及如何影響一級市場的發行抑價程度的；第四部分利用統計分析軟體spss對我國新股行政化和市場化定價進行實證分析，主要包括新股發行行政化和市場化定價方式的實施情況和效果分析、新股發行行政化定價方式的實證分析，以及新股發行行政化和市場化定價方式的比較實證分析；第五部分利用統計分析軟體spss對我國新股發行審批制和核準制進行實證分析；第六部分是本論文的主要結論。本文的主要結論和建議有： （ 1 ）從實證分析結果看，我國新股發行抑價與市場環境、發行市盈率呈顯著正向關系，與發行規模、申購中簽率等呈顯著反向關系。 （ 2 ）取消發行市盈率限制和實施核準制等市場化改革措施並沒有降低發行抑價的絕對水平，只是由於市場環境的因素，發行抑價的相對水平才有所降低。 -
Grain option market vs. its price fluctuation
糧食期貨市場與糧食價格波動的相關性研究 -
Evading risk in financial trading market cries for pricing options to a nicety. asian option, as the most flourish options in the finace market, the pricing has been focused on always. the exact pricing formula for the geometric average asian option had existed, but as to the european - style arithmetic average asian option, due to the dependence structure between the prices of the underlying asset, no analytical formula exists. on the hypothesis that the market is frictionless and without transaction costs 、 on the base of b - s ’ s and in the binomial tree model, we provide several algorithms for computing an accurate value of the european - style arithmetic average asian option. following rogers and shi and by jensen ’ s inequality, many different upper and lower bounds are provided ; meanwhile a formula have got by the comonotonicity and approximating the distribution function. all of the algorithms are easy for programming. with the development of computer, more accurater price can be computed quickly. and numerical example proved that these algorithms are very accurate
對于幾何平均亞式期權它的定價相對簡單，已經給出了定價公式。對于算術平均亞式期權，它的未定權益具有軌道依賴特性，一直沒有得到它的定價方程的解析解形式。本文基於對市場是無摩擦且在沒有交易費用的情況下，在b - s模型下，利用二叉樹模型給出了算術平均亞式期權定價方法;並總結了利用jensen 』 s不等式給出的各種不同情況下的上下界;同時應用共單調性和近似分佈函數的方法也給出了算術平均亞式期權價格的近似公式。 -
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。 -
Become in option market when price of futures of spot price prep above, whether to have the generation that cover interest
在期貨市場中當現貨價格高於期貨價格時，是否有套利產生 -
( 3 ) it proved that the factors such as technology, market, management, fund and policy environment make different impaction on the result of the valuation of the investment opportunity of hi - tech enterprise during different developmental phases. ( 4 ) the competition intensity, the time lag of investment and the riskless rate make great negative impaction on the option value of hi - tech enterprise. ( 5 ) the conclusion of analysis achieved from which the varieties of the market supply and the market demand make impaction on the result of the valuation accord with the conclusion of analysis achieved from which the varieties impact to price on economics
本文的主要研究成果如下： （ 1 ）投資機會價值在高新技術企業價值評估中佔有重要的地位； （ 2 ）在提出的投資機會價值評估模型的基礎上，結合實際，深入探討隨機跳躍頻率下的評估結論對投資決策的影響； （ 3 ）從定性和定量兩個角度系統地說明了技術、市場、管理、資金及政策對評估結論的影響程度是隨著企業發展階段的不同而不同； （ 4 ）證明了外部競爭強度、投資的時滯和無風險利率對企業的期權價值評估產生極大的負影響，即外部競爭強度越強、投資的時滯越長和無風險利率越大，企業的期權價值就越低，反之就越高； （ 5 ）市場需求和供給的分析結果與從經濟學上的供需對產品價格的影響結論是一致的。 -
Three type of option forward contract : interruptible, or callable, forward contract ; its supply - side analogue, puttable contract ; and their combination, bilateral optional electricity forward contract, are reported in chapter 5, these contracts allow market participants to take advantage of flexibility in generation or consumption to obtain a monetary benefit, while simultaneously removing the risk of market price fluctuations. in chapter 6 of this paper, various contracts for difference are discussed. the last part of this paper is conclusion and prospect
論文首先分析比較了電力交易的幾種方式及其適用的環境，闡述了電力期貨的功能和意義；簡要介紹了電力期權和互換的概念與作用；重點研究運用金融衍生工具的理論分析遠期合約、期貨合約、可選擇遠期合約和差價合約等幾種電力合約的規避或降低風險的機理、合約價格或敲定價格的設定及市場參與者對這些工具的響應和運用這些工具的策略。 -
A condition in which the strike price of an option is equal to ( or nearly equal to ) the market price of the underlying security
一項期權到價指該期權的行使價格相等於相關證券的市場價值，是指看漲期權或看跌期權的履約價格等於標的股票的現價。 -
Secondly, the article also defines product brand, price and market position. in option to the specific development strategies, according to swot match matrix principle and combined with current superiority / inferiority and opportunity / threaten existing in outer environment, this chapter puts forward and specifies the necessary concrete sub - strategies which enterprise must proceed, including in time followed product development strategy, competitive cost of market competition strategy, small batch and multi - variety production strategy, and the suitable sales strategy conformed to the distinguished market position theory. at last, this chapter uses a large length to provide a detailed introduction of specific measure when the company implements various development strategies
同時也明確了與企業具體發展戰略緊密相關的品牌、產品、價格、市場等定位問題；在具體發展戰略選擇時，本章根據swot匹配矩陣原理，並結合企業目前的優劣勢和外部環境所存在的機會和威脅，提出並具體說明企業必須採取無錫華順食品公司發展戰略初探的各項具體分戰略，包括及時跟進的產品開發戰略、成本領先的市場競爭戰略、小批量多品種的生產戰略以及與差別市場定位理論相對應的適應性營銷戰略；最後本文還以大量篇幅詳細介紹了企業實施各種發展戰略時的具體措施。 -
In financial mathematics, the implied volatility of an option contract is the volatility implied by the market price of the option based on an option pricing model
在金融數學里，一個期權和約的隱含波動性是根據期權定價模型由市場價格所暗示的波動性。 -
A stock option gives the holder the right to purchase shares of company stock at a set price. in most cases, the purchase price is the fair market value of the stock on the date the option is granted
這一固定價格又叫「行權價」 ，一般等於或略高於授予股票期權之時本公司的股票市價；與此相對應，購買期權項下本公司股票的行為即稱為行權。 -
Because only the stock price rises can the management get compensation from the margin between the exercise price and the market price of the stock of the corporation. this article discusses the legal problems of establishing stock option system in our country. this article consists of four parts
股票期權源於西方，在我國是新生事物，甚至在法律上沒有得到承認，所以關于股票期權的概念，在我國仍有爭議，本文首先將股票期權與期股、員工持股做比較，然後闡述股票期權的特徵。 -
As long as the option is advancing and making higher bottoms and higher tops, the indicator or trend line moves up each day to the highest price and continues to move up as long as the market makes higher tops and higher bottoms
只要選擇的行情一直持續並且創出更高的底部和更高的頂部，趨勢指標或趨勢線每天提高到最高的價格並且只要市場繼續移動創出更高的頂和更高底部。 -
In this paper we give an explicit representation of the growth optimal portfolio for a discrete - time incomplete financial market and then give the price of an option using the numeraire portfolio approach
在這篇文章中我們給出了離散時間不完全金融市場中增長最優投資組合的顯式表達式，然後用計價單位投資組合法給出了期權的定價 -
The innovation of this text is bring forward the manager synthesizes achievement and appraises model, basis on this model, the manager ' s income from stock option depend on the increase of company value rather than the market factor. it is undoubtedly more rational than the traditional means of payment that only considers stock market price. it makes the interests of the manager and company owner reach unanimity, thus get better encouragement effect
文本的創新點在於提出了經理綜合業績評價模型，基於這一模型，經理人的股票期權收入在很大程度上不受市場因素的干擾，而是從公司價值是否增加的角度來判斷該股票期權是否有價值，這無疑比傳統的只考慮股票市場價格的到期支付方式更為合理，使經理人與公司所有者的利益更加趨於一致，從而得到更好的激勵效果。 -
Firm ' s optimal capacity in the non - perfect market is decided through financial option method, and the variable labor price ' s influence on firm ' s capacity is analyzed
摘要用金融期權的分析方法研究了在非完全競爭市場條件下企業的最佳生產能力，討論了浮動勞動力價格對其的影響。 -
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。 -
As for the issues of non - traded assets, applying the approach of stochastic dynamic programming, and under the principle of no - arbitrage, we obtain optimal strategy to hedge the real option in discrete and continuous conditions. and to the problems of special distribution of underlying assets, this paper analyzes the price movement of the underlying assets from the arrival of information, the market efficiency and the market mechanism which decide the price
對實物資產的特殊價值分佈問題，本文從決定資產價格的市場機制、信息到達方式及市場效率三方面來分析實物資產的價格變動特徵；並重點研究當基本資產遵循純跳躍poisson過程、跳躍擴散merton過程及均值回復過程時的實物期權定價問題，運用復制定價和隨機動態規劃方法，得到確定實物期權價值和風險對沖策略的偏微分方程。 -
The objective of the master thesis is to study how real option approach can be practically applied on valuation of transferred techniques. current approach to value transferred techniques are on the basis of cost or market price of the techniques, mainly according to the added income owned by the purchaser in future
當前國內的技術轉讓定價方法均未考慮受讓方擁有的決策靈活性對技術定價的影響，本文嘗試使用實物期權方法對這一不足進行補充，就實物期權方法在技術轉讓定價中的應用問題做一探討。 -
The intrinsic of an option is the maximum of either zero or the market price minus the exercise price
期權的內在價值最低為零，最高等於市場價格減履約價格的差額。
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