布莱克—斯科尔斯期权定价公式的推导及推广

The Derivations of Black Scholes,Formula and Its Extensions

Black-Scholes期权定价模型是金融学中广泛应用的模型之一,该模型的提出是金融理论界和实践界的一场革命。Black、Scholes和Merton引入了动态套期保值组合的概念,期权的支付可以通过基础资产的动态组合策略复制。通过对期权定价理论的历史介绍及对该公式的几种推导方法进行分析,说明在其他金融衍生产品定价中的推广应用。

Somewhat like a revolution in financial theoretical circles, Black- Scholes＇ formula has become a mostly popular mode for optional pricing. With the concept of dynamic combinative value matainance, the payment of options can be realized through the dynamic combinative strategies of fundamental assets. By reviewing the historical development of optional pricing, the paper analyzes several approaches and explains how they are used in financial deviation.