公司流动性价值的复合实物期权定价法研究

The Method of Pricing Corporate Liquidity Value by Compound Real Options

公司流动性是指公司或企业持有的流动性资产,它除了账面价值外,还含有某种潜在价值。对公司流动性价值进行科学的评估,对于投资者、公司管理者等各方都非常重要。采用实物期权理论对公司流动性进行定价,是目前公司金融理论的前沿课题。本文首次揭示了公司流动性的复合实物期权性质,并用复合实物期权模型进行了定价的尝试,为公司财务管理决策提供了一种量化的工具。

The corporate liquidity refers to the current assets holding by a company or enterprise.Besides its book value,it also contains some potential value.Assessment of the corporate liquidity value by a scientific way is very important to all investors and the company managers.Pricing liquidity in the real option theory is a frontier in present corporate financial theory.For the first time,this paper reveals the compound real options properties of the corporate liquidity,attempts to price a company＇s liquidity value by the compound real option model,and provides a quantitative tools for the financial management decision.