期权理论与公司证券定价

Option Theory and Corporation Securities Pricingricing

介绍了现代期权定价理论的基本框架，阐明了公司股票和债券是基于公司资产的期权，分析了用期权理论给股票、债券定价的方法，讨论了公司金融决策中股东和债权人之间的利益关系．

This paper reviewes the basic framework of modern option pricing theory. The equity securities and debts issued by a corporate firm can be regarded as options on the firm s assets, Approaches that option theory is used to price stocks and bonds are analyzed, The benefit relationship between shareholder and debtee in corporate finance decision is dscussed.