文中提出了变波动率多期复合实物期权模型，并将该模型应用于风险投资项目评价；
This paper proposes the variable volatilities multi-stage compound real option model and gives its application on venture capital investment valuation;
煤炭资源采矿权可以被认为是一个多期多阶段的复合看涨实物期权。
Mining rights of coal resources can be regarded as a multi-stage compounding real call option based on the option theory.
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