摘要
近来财务理论的飞速发展大部分归功于实物期权理论于公司理财中的应用 ,实物期权能发挥如此大的作用一定有它的先进之处。但是由于数学原理的生涩难懂 ,给各界人士理解并探讨期权理论设置了障碍。目前广泛使用的传统公司理财工具 -现金流贴现方法有它的局限性 ,通过对实物期权的历史和原理的阐述 ,加以通俗易懂的例子 ,解释了它在财务理论中的突破性进步。
Recently the speedy development of corporate finance theory is mostly owed to applying real options theory to corporate finance. Real options have such a great effect , so it must have some advantages. However, the mathematic principle is so abstruse that it may creat barriers for each attempting to understand and discuss the options theory. This paper firstly introduces the most common method for corporate finance - discounted cash flow, and points out its localization. Then by way of expatiating the history and the principle of real options, additionally giving some pellucid examples,it explains the reason that real options could make rapid progress of finance theory.
出处
《商业研究》
北大核心
2004年第8期10-12,共3页
Commercial Research
基金
国家自然科学基金 (A0 32 5 10 3)资助课题
