实物期权在运动员人力资本投资中的应用  

Application of Real Option to Athletes' Human Capital Investment

作　　者：耿锁奎[1] 

机构地区：[1]上海体育学院经济管理学院,上海200438

出　　处：《上海体育学院学报》2010年第1期54-57,共4页Journal of Shanghai University of Sport

基　　金：国家自然科学基金资助项目(70672085)

摘　　要：在分析实物期权的概念及适用条件的基础上,揭示运动员人力资本投资的实物期权特征。认为:运动员人力资本是一种特殊的"看涨期权",可采用期权定价方法分析运动员人力资本定价,该方法能体现运动员人力资本管理中的序列投资特点,反映运动员人力资本的真实价值,有效指导运动员人力资本投资决策。Based on the analysis of the concept of real option and conditions of its application, the present paper reveals the features of the real option of athletes＇ human capital investment and regards athletes＇ human capital as a kind of special ＂call option＂ which can be priced with the real option pricing method. This method can reflect the features of sequential investment in athletes＇ human capital management and the real value of athletes＇ human capital and offer effective guidance to human capital investment decisions.

关 键 词：实物期权 运动员 人力资本 投资 “看涨期权” 

分 类 号：G80-05[文化科学—运动人体科学]