options pricing model 中文意思是什麼
options pricing model
解釋
期權定價模式-
Trinary - tree pricing model of real options
實物期權的三叉樹定價模型 -
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。 -
This paper stated the history and present condition of the real options theories and the venture investment decision theories, analyzed the advantageous and application of the real options theories in venture investment decision and the mathematic foundation of real options pricing theories, studied how to choose real options pricing model in venture investment decision practically. this paper tried to expand the research finally, and gave a simplification application model
本文闡述了實物期權理論及風險投資決策理論的歷史背景和研究現狀，分析了實物期權理論在風險投資決策中應用的優點和步驟、實物期權定價理論的數理基礎，探討了在風險投資決策中如何選擇不同的實物期權定價模型，並作了實證分析，最後嘗試進行了拓展研究，並給出了一個簡化應用模型。 -
Thus, this paper introduces the kmv model, which is designed for credit ranking, and is widely adopted by much famous finance company in the world. this model is based on options pricing theory, and it takes a company ' s value and its debt owned others as a call options. that the company ' s value is greater than its debt in the future is just like a call options whose primary asset value is greater than its strike price, and the company will carry out this option, which means the company will execute the contract, and vice versa
該模型基於期權定價理論，認為公司價值與其所欠債務類似於一份看漲期權，當未來公司價值高於其所欠債務時，就相當于期權的基礎資產的市場價值高於期權執行價值，公司會行使期權，即償付所欠債務，因而不會違約；當公司未來價值低於其所欠債務時，就相當于期權的基礎資產的市場價值低於期權執行價值，公司就不會行使期權，即沒有能力償付所欠債務，因而導致違約。 -
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。 -
Secondly, it discusses the core issues on contingent claims of the risk - return and managerial procedures of risk identifying, measuring, controlling and decision - making. thirdly, it introduces the theories of portfolio management, asset pricing, arbitrage pricing, options pricing, hedge, comprehensive risk management. next, it expatiates the current risk management method which are extensively used in the real world, especially, the applying of var model in our country. finally, on the basis of above, the paper sets forth presentiment and administrative system
第三章首先分析了投資銀行風險管理的內涵、風險管理的目標，闡述了風險管理的軸心-風險和收益的相機抉擇和風險的識別、衡量、控制和決策的管理程序。詳細介紹了資產組合管理理論、資本資產定價理論、套利定價理論、期權定價理論、套期保值理論和綜合風險管理理論等風險管理理論工具。對目前在國內外應用成熟的風險管理方法也作了闡述，特別對var模型在我國的應用進行了探討。 -
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。 -
Lastly, this article expands the above model according to practice situation, which makes it has broader application areas, and gives the solutions and numerical optimal rule of the expanded model. through above research, this thesis has obtained three main achievement : 1 ) it incorporated the analysis framework of real options supported by copeland and antikarov into the model pricing step of the one supported by amram 和 kulatilaka
本文研究的重要成果有： （ 1 ）將側重於具體的解決方法和步驟的copeland和antikarov框架融入到側重於實物期權的構造和識別過程的amram和kulatilaka框架中的完成期權定價模型這個步驟中去，使實物期權分析的一般框架變得更為實用。 -
Option pricing model of better - of options when underlying asset processes are jump - diffusion processes
擴散過程的擇好期權定價模型 -
At the same time, the article takes the cb ' s value into two parts : the bond ' s value and the options ' s value. it discusses the theoretic pricing model of cb on the base of black - scholes model and validates the uniform degree about guodian ' s cb between the result, which is calculated by theoretic pricing model, and actual price to provide the reference about cb ' s issue and investment
同時，本文將可轉換債券價值分為債券價值和期權價值兩部分，在期權定價模型? ? black - scholes模型基礎上討論可轉換債券的理論定價模型，並應用於國電轉債的定價，從而驗證理論定價模型計算結果與實際的吻合程度，以提供一個可供可轉換債券發行和投資的參考。 -
Some of classical analytical methods about security market, including stock market have mean - variance analytics, apt theory, capm model, b - s options pricing model, etc. at the same time, some new modern methods emerged and joined this process with the appearance of newly rising subjects and the continuous penetration of crossed subjects, such as artificial nerves network, data envelopment analysis, etc. all of these have brought fresh view angles and great impact to security market analysis
對證券市場包括股票市場中的一些經典方法有：均值-方差分析法、 apt理論、 capm模型、 b - s期權定價模型等。與此同時，隨著新興學科的出現以及學科交叉的不斷深入，近年來涌現出一些新的現代分析方法，如人工神經網路、數據包絡分析法等，它們給證券市場的分析帶來了新的視角和巨大的沖擊。
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