期权定价理论的实质及无形资产评估中的期权方法

Analysis on Option Price Theory and Its Application in Evaluation of Invisible Asset

本文分析了期权的实质及期权定价的理论基础,阐述了期权方法在无形资产评估中的应用。期权的实质是一种选择权或是一种机会,直接度量这种机会的价格实际上很困难。Black-Scholes模型和二叉树模型本质上是以标的物的价格变动特性为基础,解决了期权的定价问题。而某些无形资产本身也具有期权类似性质,直接衡量它的价格很困难,但它的价值最终须以有形资产的价值体现出来。因此通过对无形资产所产生的有形资产价值规律的预测,即可较为客观、相对容易地评估无形资产。

After analyzing the concept of option and the basis of option price, this paper describes the application of option in evaluation of invisible asset. The essence of an option is a chance or choice. It is difficult to directly evaluate it. Black -Scholes model and binormial tree model tell the price of option on fluctuant price of object asset. Some invisible assets are similar to options, their value depends on visible object assets. We can regard them as options and evaluate them by option theory