论实物期权在企业并购价值评估中的应用

实物期权定价法在评估企业价值方面有广泛的应用,通过实物期权理论的相关知识,引入的二叉树评价模型,能比较准确的评估企业价值。结合相关实例论证实物期权评价法是完善企业价值评估的理想方法。通过这种较新的理论为评估企业价值提供一种新思路,进一步完善企业并购价值评估体系。     

美式封顶看涨期权的变分不等方程模型

期权及其定价理论是目前金融工程的前沿问题。美式看涨期权的出售者具有无限制的义务,承担着巨大的风险,而美式封顶看涨期权可以使出售者承担有限责任,降低了风险。本文在假定无风险利率r不大于连续红利q时,基于Black-Scholes模型推导出有红利的美式封顶看涨期权定价模型-变分不等方程模型,并且用有限差分格式给出了模型的数值解法。     

人力资源价值的实物期权计量方法

人力资源价值的计量是一个长期困扰会计界的难题。传统的人力资源价值计量方法一般采用对未来收益进行折现的方法来计量，但是这些方法未能考虑人力资源使用过程中存在的不确定因素，而这些不确定因素会带来风险和机遇，从而改变人力资源的价值。因此，传统的计量方法常常低估了人力资源的真正价值。     

实物期权无形资产及其价值评估研究

随着知识经济的到来及金融全球化的发展,企业无形资产的内涵和外延已拓展到智力资本及实物期权。在智力资本研究的基础上,把实物期权列入无形资产确认与计量范畴将有利于企业价值的真实反映。因此,本文将对实物期权无形资产的范畴、内涵和外延及其价值评估进行分析,以顺应新经济形势下对无形资产会计制度进行改革的现实要求。     

我国汽车产业组织结构调整与规模经济

世界汽车产业的发展是伴随着企业规模的不断扩张与生产的不断集中过程。我国汽车产业组织结构调整的出发点也是基于追求规模经济的原理。然而获得规模经济单纯通过扩大企业的组织规模与生产规模是无法实现的,优化生产和经营的规模是企业成长有效途径。     

Small Firm Investment and Financing Decisions: An Option Value Approach

This paper reviews and discusses recent developments undergone by investment theory, and tries to address both financial and real decisions within an uncertain environment, here, the Italian economy. According to the recent "option value" approach to investment, if differing degrees of reversibility characterize the accumulation process by groups of firms (small and larger firms), we should expect their investment decisions to differ under uncertainty. On the other hand, asset reversibility has an influence on firm financing policy, given the observed relationship between asset and liability composition. Assuming a different degree of investment reversibility for small and larger firms, we explore how they react to interest rate uncertainty using the Italian experience during the 1980s as a benchmark. The main result of this paper is that interest rate uncertainty exerts a negative influence on firms' investment demand. The relationship is stronger for large firms than for small firms. Another result is that firm leverage also shows a negative relationship with interest rate uncertainty.     

相对价值法:案例与经济学分析

应用经济学研究方法来探讨相对价值法的实际应用。其主要创新之处在于:收集我国证券市场的实际数据并计算β系数的方法来进行选用;应用经济学分析对相对价值法的结果进行修正;认为价值评估要关注公司的盈余管理行为;认为价值评估要关注公司及其股票的质量;从而提出公式:大宗股权交易价值=少数股权交易价值×股票质量权数+控股权价值,并且能进行实际应用。     

Nonconvergence in the Variation of the Hedging Strategy of a European Call Option

In this paper we consider the variation of the hedging strategy of a European call option when the underlying asset follows a binomial tree. In a binomial tree model the hedging strategy of a European call option converges to a continuous process when the number of time points increases so that the price process of the underlying asset converges to a Brownian motion, the Bachelier model. However, the variation of the hedging strategy need not converge to the variation of the limit process. In fact, it is shown that the asymptotic variation of the hedging strategy may be of any order.     

基于投资时间的决策分析研究

传统的净现值法在进行项目投资决策时没有考虑到项目的开工时间建设问题,有很大的局限性。因此提出时间等待价值的概念,采用计算净现值数学期望的方法,建立了计算时间等待价值的数学模型,解决了项目投资中因投资时间选择而产生的时间等待价值问题。     

定金合同中的期权特性及价值分析

在定金合同中,定金作为履行合同的担保,可以起到合同成立的证明作用,同时还具有惩罚性.由于合同是到期才执行,这种实物期权属于一种欧式期权.合理的定金往往成为吸引客户的重要手段.定金太高会造成有价值客户的流失;定金太低又达不到锁定客户的目的一客户也许会放弃买权.科学合理地量化定金标准显得很重要.在商业交易中,定金合同成立的同时,即出现了买权价值和卖权价值.根据合同的期权特征,引入Black-Scholes定价模型对其价值进行估计,买权受双方利益的限制而发生变异,即其价值被限定在某个最高值之内;卖权却在这个利益的竞争过程中被虚化.     

Selling Versus Leasing of Durable Goods: The Impact on Marketing Channels

While many durable products are sold through intermediaries, there is limited understanding of how channel performance is influenced by transactions involving durable goods in a competitive market. In particular, extant research shows that intermediaries can significantly impact the leasing versus selling policy of a monopolistic manufacturer. This article seeks to fill that gap by examining the selling versus leasing choice of duopolistic manufacturers in the context of decentralized channels. Our analysis demonstrates that in addition to the unique equilibrium of selling, a prisoner's dilemma may arise where both manufacturers are better off if they were to lease their products.     

透过生活价值观看汽车用户满意度

近几年,中国汽车市场发展如火如荼,目前已成为年产500万辆的世界汽车大国。各汽车生产厂商不断加大投资力度、扩大产能,世界汽车产业巨头也将目光聚焦在了中国,市场竞争激励。同时伴随经济的发展,入均GDP突破1000美元大关,出现了以汽车和住房消费为代表的消费升级。在这样的市场状况下,竞争与机会并存,对中国汽车生产厂商无疑是把双刃剑。     

Consumer Economics and Family Economics: The Charge,the Response

A “Timeless” charge to consumer economics and family economics is identified. In light of the charge, the area is examined with particular emphasis on scholarly activity. It is suggested that scholarship in the area is diffuse and often addresses parts of issues. This creates concerns as to whether the historical charge is being met.     

Transaction Cost Economics: The Origins

This paper is an autobiographical recollection of how my interest in and work on transaction cost economics progressively developed. It begins with an overview of the transaction cost economics project. A sketch of my undergraduate and graduate education follows. Key events in the 1960s that set the stage for my 1971 paper on “The Vertical Integration of Production” are then described. This paper would turn out to be the entering wedge from which transaction cost economics would take shape and continues today, as set out in the closing pages of the article.     

Recreation Vehicles: The Economics of Ownership

A breakeven point analysis of selected modes of recreational travel in which the costs of ownership and travel use of representative self-contained recreation vehicles are compared with the costs of lodging and travel by private automobile.     

上市公司股权激励影响公司价值的实证分析

建立健全经营者股权激励机制是深化国有企业改革和增强企业活力的重要途径之一,经营者持股、国家股股东(国有资本注资持股)和流通股股东(中小股东持股)具有不同的股权激励效果。其中经营者持股具有最强的激励功能,有利于改善公司绩效和提升公司价值;委托代理关系下的国有资本容易出现投资者主体缺乏保护机制的问题,进而扩大委托代理关系的距离以及信息的不对称程度,引发企业效率低下;在流通股股东的激励环境下,股权流动性分裂从根本上损害了上市公司股东之间利益的一致性,可能导致经营者持股和国家股的激励减弱。在总结前人研究成果的基础上,选择制造业机械、设备、仪表次类上市公司为研究样本,从实证的角度对上述问题进行了探索。     

管理层股票期权的负激励效应

股票期权是现代企业激励制度的一次重大创新,在肯定了股票期权,虽然激励制度有一定的优势,然而股票期权在理论与实践中又存在不足之处,结合美国证券市场中的舞弊案例,分析了发放大量股票期权的激励负效应问题与股票期权导致的管理舞弊问题,并提出了股票期权在中国实施的相应对策,同时在我国施行股票期权采取谨慎的态度。     

论政府失灵与经济法的价值取向

经济法是国家干预经济的法律形式,政府干预是国家干预的实现方式,但政府干预可能导致政府失灵。经济法的终极目标在于促进经济和社会的发展,如何定位政府干预是经济法价值取向所要解决的首要问题。本文从政府失灵的角度探讨了经济法的价值取向及其内涵。