摘要
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.
出处
《中国管理科学》
CSSCI
1999年第1期1-6,共6页
Chinese Journal of Management Science
关键词
期权
定价模型
股票
债券
价值评估
公司
option
Black--Scholes options pricing model, stock value
bond value