运用实物期权模型可以避免忽略高新技术企业未来的获利能力。
The real option value method would not neglect the profitability of enterprise in the future.
然后构建了实物期权模型并进行实证研究，这是本文的重点章节。
Then it has build the real option model and carry on the positive research, this is the key chapter of the text.
经过研究还发现，实物期权模型能较好的对高科技企业进行价值评估。
The research also finds that real option model works well, when we use it to asses the value of a high-tech company.
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;
文章对连续型实物期权模型进行了离散化处理，并利用蒙特卡洛模拟对中国软件进行了估值。
This paper has discretized the continuous time real option model and assessed the value of China soft by using Monte Carlo simulation.
波动率是实物期权模型的一个重要参数，这一参数的缺失是实物期权走向实际应用的主要障碍。
The market volatility is an important parameter in real option model, and the lack of this parameter is the main obstacle to the practical application for real option models.
管理层收购的期权价值利用复合实物期权模型计算，管理成本节约及战略整合效应利用改进的折现现金流法计算。
The value of management cost thrift and strategic conformity effect can be calculated through the use of improved discounted cash current model.
最后给出了房地产企业土地储备决策过程中的实物期权模型，重点研究了房地产开发商延迟开发土地储备的策略行为。
Study real estates' strategies of how to use land reserves, such as developing in phases, giving up land reserves and delay the development.
在此基础上构造了该法的相对值评价模型，减少了计算量，从而可以方便地把实物期权机制融入到评价中去。
Then an appraisal model for relative value is set up to reduce the computation involved, thus enabling the real options thinking to be combined into the appraisal easily.
随后，实物期权被广泛运用于资本预算和价值评估领域，相比传统的资本预算模型（DCF）具有无比优越性。
Subsequently, real option is widely exercised in capital budgeting and value evaluating and shows tremendous superiority compared to the traditional capital budget model(DCF).
本文基于实物期权思想，提出一种利用期权定价模型来评价高技术项目的方法。
Based on real options thinking, this paper proposes an approach for the appraisal of hi-tech projects when option-pricing models are employed.
在实物期权分析理论的框架下，开发了更一般的评价高科技公司的模型。
A general model for valuing high science and technology companies is formulated and analyzed within real option analysis theoretic framework.
然后对实物期权的基本原理、模型、参数确定方法进行回顾。
It makes a review of applying theory, research of model and methods of parameters estimation in real options method.
考虑B - S模型所涉及的变量的不确定性问题，利用蒙特卡罗方法求解it项目中蕴含的实物期权等。
Consider that the uncertain variables involved in B-S model, utilize the method of Monte Carlo to pricing real option contained in IT project, etc.
应用实物期权方法探讨投资决策问题，提出了一种同时考虑产品生命周期和市场结构的分析模型。
A real options approach was applied to analyze optimal investment decision. A model that incorporated the product life cycle as well as market structure was introduced.
详细分析了石油勘探所具有的实物期权特性、原油价格波动模型以及储层参数和经济因素不确定性对勘探项目价值的影响。
The real option traits of a petroleum exploration project, oil price movement model and the influence of technical and economic parameters on the value of an exploration project were analyzed.
第二部分介绍了实物期权的定价模型。
在这之后，把期权的B - S模型及二叉树模型应用于无形资产的价值评估中，并由此建立了无形资产的实物期权定价模型及其参数确定方法。
The B-S model and binary model are used in the evaluation of intangible asset and real option pricing model and identification of its parameters are formed accordingly.
运用实物期权方法构建自律选择的决定模型，可以表明直接管制将降低银行加强自律管理的收益，增加银行的冒险动机。
Furthermore the real option model may indicate that direct regulation can effectively reduce the efficiency benefit of strengthening self-regulation and increase the incentives of risk-taking.
第三章介绍期权的概念、类型及基本参数、期权定价的理论基础和模型以及实物期权和复合期权。
Chapter three introduces the concept, type, basic parameter of the option and theoretical foundation and model of option pricing as well as the real option and the compound option.
以净现值法为基础，应用蒙特卡罗原理，提出了在石油产量和市场油价随机变动条件下石油勘探项目实物期权应用模型中不同阶段的波动率参数估算方法。
On the basis of traditional net present value method and Monte Carlo theory, a method for calculating the stage volatilities in the petroleum real option model was given.
参照一篮子期权的几何平均B-S期权定价模型，给出了基于实物期权的多项土地资源储备与开发的算术平均收益的夏普比率优化目标函数。
The objective Sharpe ratio function of land development arithmetic average value portfolio is deduced based on the geometric average B-S model of the basket options in the paper.
一是运用实物期权方法研究创业投资资本资产定价的单期模型，并推广到适应N期决策的一般模型。
First, the method of real options is used to study venture capital asset pricing model of a single period, and extended to the general model of venture capital decision-making of the N periods.
在EVA评估模型基础上嵌入实物期权定价理论后，由于考虑了公司的柔性价值，所以能更准确和客观地估计上市公司的价值。
And option pricing considers the flexibility of investment. So valuation model according to theory of EVA and option can estimate the firm value more accurately and objectively than other models.
在EVA评估模型基础上嵌入实物期权定价理论后，由于考虑了公司的柔性价值，所以能更准确和客观地估计上市公司的价值。
And option pricing considers the flexibility of investment. So valuation model according to theory of EVA and option can estimate the firm value more accurately and objectively than other models.
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