嵌入期权定价理论的风险企业价值评估优化  

The Venture Firm Value Assessment Optimization Based on Option Theory

作　　者：位东 庄君敏 孟德锋[1] 

机构地区：[1]南京审计大学金融学院,江苏南京211815

出　　处：《对外经贸》2018年第6期155-156,共2页FOREIGN ECONOMIC RELATIONS & TRADE

基　　金：国家社科重大招标项目"金融服务养老的理论框架;国际经验;中国路径研究"(项目编号:17ZDA072)

摘　　要：在经济高质量发展的新时代,企业增长愈加迅速,其面临的投资机会也层出不穷,面对投资的不确定性以及未来现金流的难以预计,企业的风险价值将处于波动之中。为了更好地估计风险企业价值,结合国内外的研究,修正传统估值模型的弊端,推出更加精确的估值模型——期权定价模型。主要阐述B/S模型,并具体分析该模型的公式以及应用实例,充分体现该理论的优越性,最终得出比较精确的风险企业价值。In the new era of high - quality economic development, enterprise is growing more quickly, facing the investment opportunities also emerge in endlessly, and according to the uncertainty of investment, and can predict the future cash flow, so the risk of enterprise value will be volatile. So traditional investment methods will show many disadvantages, in order to better estimate the value of venture enterprises. According to the the research at home and abroad, this paper discusses how to correct the shortcomings of the traditional model, and introduces a more accurate valuation model-Option Pricing Model. Mainly introduces B/S model, and to analyze the model and the application example, fully embodies the superiority of the theory,finally it is concluded that more accurate risk of enterprise value.

关 键 词：风险企业 传统投资决策方法 期权定价法 B/S模型 

分 类 号：F840.323[经济管理—保险]