Black-Scholes模型在企业价值评估中的应用研究

20世纪70年代,Black-Scholes定价模型的出现为期权的定价和交易奠定了坚实的数学理论基础,突破了传统的红利贴现模型不能精确计算投资者的预期收益率和未来支付的现金股利的不足。文中分析了公司股票的期权特性,对B-S定价模型在股票定价中的应用进行了探讨,并通过例证说明该方法的可行性。但需要说明的是,B-S定价方法不是对传统定价模型的否定,而是对股票定价模型的充实,更重要的是一种定价思维方式的转变。

Application of the Black-Scholes Model in the Evaluation of Enterprises

The emergence of the Black-Scholes model in 1970's laid solid mathematics theories foundation for listing price and bargains of the option, breaking the shortage of the traditional bonus discount model that it can't accurately calculate the expectation rate of return and the cash interests on shares in future for investors. This paper discusses the application of the B-S model in the evaluation of stocks and validates it in a real example, on basis of the introduction of the characteristics of stock option. Nevertheless, the B-S model is not the negation but the enrichment to traditional listing price model , besides, this transformation of listing price mode is the most important.