利用期权定价理论合理确定上市公司融资结构

Using the Theory of Option Pricing to Reasonlbly Determine the Financing Structure of the Listed Company

假设在期权有效期内σ、rj是时间t的已知函数的情况下，对欧式期权的BlacleScholes定价方程进行修正，从而获得更接近真实世界的欧式看涨期权的定价公式。并利用新的期权定价公式对具有期权特性的公司权益资本进行评价。获得一般性的公司最优资本结构的结果．

Supposing that σ（t）.rj （t）are all known function of t, by modifying the Black-Scholes equation ,the solution of the modified European option pricing equation which is more closer to the real world is gotten. Then using the new option pricing equation to appraise the company equity capital, the general optimum capital structure of company is gotten.