用技术语言来说，期权价格的隐含波动性结果都要比实际波动性高。
To put this in technical terms, the implied volatility in the option price turns out to be higher than the realised volatility.
在分析R&D项目技术和市场不确定性分布特征的基础上，提出多步骤四项式期权定价模型，用于R&D项目进展评估。
Besed on the analysis of technology and market uncertainty of R&D project, a multi-step quadranomial option pricing model is presented for valuing an ongoing R&D project.
在期权定价的蒙特卡罗模拟中，重要性抽样是一种有效的方差减小技术。
Importance sampling technique is an effective variance reduction technique in Monte Carlo simulation method for pricing options.
随着计算机、先进通讯技术的应用，复杂期权定价公式的运用成为可能。
The application of computers and advanced communication technology makes it possible to use complicated option pricing formulas.
⑴进行了理论和实践结合的研究，提出了如何把实物期权法用于技术交易中的具体方法和程序；
This study gives the specific method and process of adapting real option into analyzing technique trade by investigation on the integration of theory and practice.
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.
研究情景规划、实物期权在现代生物技术动态投资决策中的应用。
This paper studies the applications of scenario planning and real options in modern biological technology's dynamic investment decision-making.
价值评估机制是风险投资战略联盟的重要机制，传统现金流分析法难以准确评估高新技术企业的价值，但期权定价理论却可弥补传统定价方法的不足。
The traditional cash flow analysis method hardly assess the value of high tech enterprise correctly, while the option pricing theory can compensate the traditional pricing method shortage.
论文主要探讨了应用实物期权方法研究高新技术企业价值。
In this paper, the main topic is to approach the application of real option in exploring the appraisal of valuation of high-new technology enterprise.
实物期权的评估框架以及单一实物期权、复合实物期权对高新技术企业价值的评估。
The frame of real option and the appraisal of high-new technology enterprise by single or multiple real option model.
在高新技术创业公司中，很多公司发行了内部的员工股票期权。
When appraising equity interest, we find that many corporations issue internal employee share options, especially in high-tech and venture enterprises.
本文重点讨论实物期权的特点、思维方式、用途和实物期权思维在新兴技术管理中的实际应用。
In this paper, we shall discuss the characteristic, thinking fashion, use of real options and the concrete application of real options thinking in the emerging technologies management.
农业高科技企业成长机会包括农业高新技术研发和市场推广，是一个系列递进买方期权，其价值是农业高科技企业价值的核心部分。
The growth opportunity in high-tech agriculture corporate includes two parts: R&D of high agricultural technique and application of it in market.
本节还提出构造实物期权的两点技术性原则。
Two technical principles for constructing real options are also advanced in this section.
在期货市场上，投资者可以通过动态复制期货期权的组合保险技术，在规避大的损失前提下，实现套期保值目标。
The empirical result shows that investors can realize risk management through a dynamic duplication of a future option.
鉴于专利权与期权都是一种不附带义务的选择权，期权定价理论就为高新技术创业企业的价值评估提供了理论基础。
Options pricing theory has offered theoretical basis for the valuation of new high-tech ventures since both patent right and options are options without any complementary obligations.
此外，运用风险决策的方法对技术创新项目决策的实物期权方法进行必要的修正。
In addition, using the risk-decision approaches to make the essential revision to the real options approach of technological innovation project decision-making.
一是可以用实物期权思维方法分析研究企业技术能力成长决策；
Firstly, we can use the real options to analyze the decision-making of the development of the technological capability.
由于其成本优势和激励成效，股票期权为经济发达国家实现生产增长、股市繁荣和技术创新作出重要贡献。
Due to its cost advantages and the effectiveness of incentive, stock option made important contribution to the production growth, stock market boom and technological innovation.
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.
文章提出经理股票期权计划在我国实施中存在的问题，认为以EVA为基础的虚拟股票期权是解决问题的关键，并对以EVA为基础的虚拟股票期权计划的技术设计进行了探讨。
The article points out the problems in the plan of manager share option, regards it is the key to resolve problems to implement EVA-based virtual share sption, and discusses its technological design.
目前用实物期权来评估专利价值的文献又没有考虑技术进步对专利价值的影响，从而高估专利的价值。
However, now, the research that applies real option to patent pricing does not consider the impact of rivalry entry on the value of patent option, leading to the overvaluation of the patents.
目前用实物期权来评估专利价值的文献又没有考虑技术进步对专利价值的影响，从而高估专利的价值。
However, now, the research that applies real option to patent pricing does not consider the impact of rivalry entry on the value of patent option, leading to the overvaluation of the patents.
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