布莱克──肖尔斯期权定价模型在公司价值评估中的应用

Black--Scholes Options Pricing Model Applied in Corporate Securities Valuation

公司股票、债券在本质上可看成是基于公司资产的期权，因而可用期权定价方法对其价值进行评估。本文介绍了最典型的期权定价模型──布莱克一肖尔斯期权定价模型，分析了该模型在公司证券价值评估中的应用。

The debt and equity securities issued by a corporate firm can be viewed in principle as options on the firm's assets. So the debt and equity securities can be valued with options pricing approach. The Black--Scholes Options Pricing Model is reviewed, and itS application in corporate securitiesvaluation is analyzed in this paper.