option valuation 中文意思是什麼
option valuation
解釋
期權定價-
First, this section resorts various valuation model and hold that it would be better to classify the valuation into traditional method, binominal tree method and option - adjusted spread method. according to the sequence, this article introduce three valuation model respectively and point out which aspect these method improves on in different phases and their applicable conditions
本章對有關抵押貸款證券的定價方法進行了系統的歸納與整理，認為主要存在三種定價方法，分別為傳統定價方法、二項樹定價模型和期權調整價差定價模型，並按照定價方法的發展順序分別予以介紹，同時指出了不同階段定價方法的改進之處和各自的適用條件。 -
Nevertheless, in the financial economics field, opm can be adopted to make a correct valuation on the uncertainty opportunity value of the financial investment since m & a has the feature of option, it is nature that opm can be adopted to valuate the target enterprise during m & a under some hypotheses
而在金融經濟學領域，期權定價理論和模型對金融投資中的不確定性機會價值能作出相當準確的評估。分析表明，並購具有期權的特性，因此在一定的假設前提下，能夠將期權定價模型應用於並購中目標企業的價值評估。 -
The key tasks of this paper mainly include : ( 1 ) puting forward the emphases and difficulties of enterprise m & a decision, and holding that decision - makers should make decision according to the principle of value creation ; ( 2 ) setting up estimation model of value creation in m & a, including synergy effect model, m & a transaction and evaluation model, m & a net income model, etc. ; ( 3 ) explaining the application of virous valuation method and discussing how to choose proper valuation method in m & a decision ; ( 4 ) studying the valuation of synergy effect after calculating the independet value of both enterprises respectively before m & a and the combined enterprise after m & a by discount cash flow method ; ( 5 ) studying the valuation of the target enterprise ' s expected value, in which general target enterprises are valuated with several kinds of valuation techniques while high - tech target enterprises are valuated by option pricing model
在研究過程中，本文試圖運用價值評估技術，在並購決策中確立一套較為完整的價值分析方法，以使決策者有效的判斷並購能否創造價值，從而作出正確的並購決策。本文的核心工作主要包括： （ 1 ）提出了企業並購決策的重點與難點，認為決策者應根據價值創造原則進行並購決策。 （ 2 ）建立了並購創造價值的估測模型，具體包括協同效應模型、並購交易估價模型和並購凈收益模型。 -
Moreover, this paper discusses the feasibility of option pricing theory by adopting cases. on the one hand, it admits this method plays a key role in the realization of " debt - in - lieu - of - equity " of state - owned enterprises and appraising the value of potential earning - capacity ; on the other hand, it illustrates the application of option pricing theory in appraisal is still immature. for it can not meet the prerequisite of the theory ; its result will not be generally accepted and the quality of appraisal staff are relatively lower, this method is not applicable to business valuation aiming at equity alteration. thus it should not be regarded as a brand - new appraisal method to be promot ed in the short run. in the finial the thesis forms its conclusion on method application of superseding cost method gradually. generalizing the use of income method and developing the sense of using option pricing method
由於成本法所固有的局限性，無法評估出資產組配成具有獲利能力的整體資產的創造性價值，因此注重企業獲利能力的收益法已成為轉軌時期中國評估業的現實選擇，並進一步對收益法的起源、方法特點和適用性進行了深入的分析；運用理性分析與案例分析相結合的方法對收益法發展的新階段? ?期權定價法應用於企業價值評估的可行性進行了研究，肯定了這一方法對國企實現「債轉股」和評估高新技術企業潛在獲利能力價值的重大意義，同時對此方法應用於企業價值評估不滿足前提條件、評估結果的可接受性、及評估人員素質等方面說明了這一方法在資產評估領域的應用尚不成熟，尤其不適用於產權變動為目的的企業價值評估，因而短期內不宜作為一種全新的評估方法推廣。 -
( 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。 -
The theory of option is introduced when value of opportunity is valuated, especially black - scholes model, which resolve the problem of valuation of opportunity and lay a good foundation for valuation of internet enterprise
針對機會價值的評估，引入期權理論，特別是black - scholes的期權定價模型，較為成功地解決了機會價值評估的問題，為網路企業整體價值的評估做了很好的鋪墊。 -
( 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。 -
Finally the valuation of the insurance surrender option is made with no - arbitrage theory
最後運用無套利分析方法對保單退保期權進行了定價。 -
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。 -
It ' s supposed to assess the value of the new high - tech enterprise rationally and exactly by combining cash flow valuation method with option pricing method. and the author also has discussed the calculation of the parameters in this combing method
針對高新技術企業價值評估的特性，探討採用貼現現金流量法和期權定價法相結合來評估高新技術企業價值的合理性及可行性，並具體分析其中各參數的確定及存在的問題。 -
By the real case, the application of concrete appraisal methods, which is the replacement cost valuation, discounted cash flow valuation, amended discounted cash flow valuation, option pricing valuation and market valuation, is carefully studied in the high - tech company appraisal
並通過案例分析了重置成本法、收益現值法、修正的收益現值法、期權估價法、市場比較法在高新技術企業價值評估中的應用。 -
Therefore we only can apply a kind of method, which is fit for the target enterprise ’ s specific circumstance and then valuate it with scientific way. there are four kinds of method to introduce : fcf method, market valuation method, cost valuation method, and option pricing method
企業價值評估就是根據特定的目的，遵循特定的原則，依照法定的程序，運用科學的方法，對企業的整體經濟價值進行判斷、估計、測算的過程。 -
In this paper, we analyze enterprise valuation in m & as using the real option theory under competition, consider the infection that the prelatic competition bring corporate valuation and give the susceptivity analyse combined with cases
摘要研究並購企業之間存在競爭情況下並購的實物期權價值，對並購投資機會的預期競爭進入對期權價值的影響進行了敏感性分析。 -
Firstly, the article studies the classic black - scholes option pricing model and concludes the black - scholes option pricing formula with the risk - neutral valuation method
首先，對經典的black - scholes期權定價模型進行了分析，並利用風險中性定價方法推導出了black - scholes期權定價公式。 -
The general valuation models in real option constitute the third chapter. because of the relation between real and financial options, a proper understanding of the latter is essential to that of the former. therefore, a brief introduction to financial option valuation theory is given first
本文第三章著手探討實物期權的一般定價模型，鑒于實物期權與金融期權的內在聯系，只有對金融期權定價有了恰當的了解，才能掌握實物期權定價的原理。 -
On the basis of this, the chapter presents detailed analyses of the application of the binomial option valuation model and the black - scholes valuation model in real options
因此，在對金融期權定價理論進行基本介紹的基礎上，重點分析了二項式方法和black - scholes定價模型在實物期權中的應用。 -
Compared with the finance option, what the real option valuation face are the main problems as follow : the underlying assets can not be traded ; the value distribution does not follow gbm ; and the uncertainties are endogenous
與金融期權相比，實物期權定價面臨的主要問題是基本資產的非交易性；資產價格分佈不遵循幾何布朗運動；以及不確定性來源的內生性等問題。 -
By sensitivity analysis, we recognize much clearly the impact of independent variable to dependent variable in valuation model. it is optimal to use compound growth option valuation model. so venture capitalist should choose stage financing but lump - sum financing
通過敏感性分析，我們對實物期權價值評估模型中的自變量對因變量的影響有了更加直觀的認識，而且可以看到採用復合期權價值評估模型對風險投資項目進行評估對風險投資家來說是最有利的。 -
Part two researches systematically real - options approach ' s application scope, pricing, commonly procedure and many problems regarded, present evaluating approach choose and option types " judging standard, analyses parameter ' s identity, deduce binomial option valuation model. it narrates several options " calculation, thought and application range
第二章系統研究了實物期權方法的應用范圍及定價，運用該方法的一般程序以及應注意的問題，給出了評估方法選擇以及期權類型的評判標準，分析了確定期權參數是應注意的問題，推導出二項式期權的定價公式。 -
Then it expounds and analyzes the researching statu of the enerprise ' s valuation of the world, especially on the discount cash flow valuation. among them it detailed analys how to determine the discount rate, the increase rate and the cash flow. at the same time it introduces the two other means that is the ratio and the option valuation and theirs scope of application, promoting some valuation model fitting for different enerprise and different asset for the especially case of m & a, and it expound how to use the cash flow discount to value the enterprise been placed in the circumstance of periodic company, operating the company in the difficulty, not listed company
本文正文部分首先對企業並購研究的相關知識進行了一下簡單的介紹，然後對國內外企業的價值評估方法及研究現狀進行了詳細和深入的闡述，特別是對貼現現金流估價法的分析比較詳細和深入，其中對其貼現率、增長率、現金流等基本參數的確定作了較詳細的分析，同時也介紹了另外兩種估價法即比率估價法和期權估價法的基本情況及其適用范圍。
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