CAJ | 학술논문

在过去的20年中,许多学者开始应用期权定价方法去估计实物资产价值,并在此基础上对公司的最优投资决策进行了大量研究.利用二叉树方法,通过对一个欧式期权与一个美式期权构成的复合期权进行定价,完成对风险投资问题的估价.主要有两个方面的内容:用实例说明怎样用二叉树方法对投资期权进行估价;把从期权模型获得的价值与用净现值方法得到的价值相关联,从而获得风险投资的最终的价值.
재과거적20년중,허다학자개시응용기권정개방법거고계실물자산개치,병재차기출상대공사적최우투자결책진행료대량연구.이용이차수방법,통과대일개구식기권여일개미식기권구성적복합기권진행정개,완성대풍험투자문제적고개.주요유량개방면적내용:용실례설명즘양용이차수방법대투자기권진행고개;파종기권모형획득적개치여용정현치방법득도적개치상관련,종이획득풍험투자적최종적개치.
The recent zdecades have witnessed an emerging research that applied option methods to evaluate claims on real assets. Previous research has applied option pricing to the optimal investment timing decision for the firm. This paper applies a binominal lattices approach to the valuation of venture investment decision, a compounded option of a European option and an American option. This paper has two goals ： to demonstrate how to derive the value of the investment timing option and to relate the value derived from the option model to the final offer price.The option value derived approximates the trading value of shares at the date of valuation.