汇率不确定下跨国公司投资灵活性期权价值研究  

Option Values of Flexible Investments by Transnational Corporations Under Uncertain Exchange Rates

作　　者：方世建[1] 秦正云[1] 缪柏其[1] 

机构地区：[1]中国科学技术大学管理学院

出　　处：《管理学报》2006年第3期292-295,共4页Chinese Journal of Management

基　　金：国家自然科学基金资助项目(10071082)

摘　　要：跨国公司可以在全球范围内进行资源的最佳配置,利用不同国家间的汇率波动灵活地投资以获得灵活性期权。以此为出发点,通过数学建模探讨汇率风险不确定条件下,跨国公司灵活投资的期权定价,并结合具体算例分析了期权价值的影响因素。Transnational corporations may deploy their resources in the best way on a world-wide scale and invest flexiblely though the fluctuation of exchange rates in different countries to acquire flexible option. On the basis of the idea, the option pricing of the flexible investment by transnational corporations under uncertain exchange rates was mainly discussed with the help of mathematics modeling. The factors of influencing the option values were analyzed in some specific examples.

关 键 词：跨国公司 灵活性期权 实物期权 

分 类 号：F276.7[经济管理—企业管理]