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期权弹性
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     The characteristics of managerial flexibility and R&D option are introduced.
     介绍了管理弹性和 R&D期权的特点 ;
短句来源
     R&D Project's Multi-phase Real Option Pricing-modeland Its Flexibility
     R&D项目多阶段实物期权模型及其弹性分析
短句来源
     Elastic boundary condition is considered.
     边界为弹性支承。
短句来源
     Mathematical Model of Options Pricing
     期权定价的数学模型
短句来源
     The Option Pricing in One Hundred Years
     百年期权定价
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The relationship between an enterprise and her shareholders and creditors is of the characteristics of options. The equity in a levered enterprise is really a call option on the value of the enterprise. When the return rate of the assets of the enterprise is higher than the financing cost of the debt, she can increase the value of the call option by expanding debt scale. In contrast, when the return rate is lower than the financing cost, she should enlarge the equity proportion to increase the value of the call...

The relationship between an enterprise and her shareholders and creditors is of the characteristics of options. The equity in a levered enterprise is really a call option on the value of the enterprise. When the return rate of the assets of the enterprise is higher than the financing cost of the debt, she can increase the value of the call option by expanding debt scale. In contrast, when the return rate is lower than the financing cost, she should enlarge the equity proportion to increase the value of the call option. The shareholders' return rate is determined by the following three factors: the return rate of assets, the capital structure and the financing cost of debt. Therefore, if the return rate of assets is predetermined, the enterprise financial risk comes from the capital structure and the financing cost of debt. The capital structure can be rationally determined by the elasticity of the call option on the enterprise value, while the financing cost of debt can be effectively controlled by the option.

企业与其股东、债权人的经济关系具有期权的特性。股东权益是基于企业价值的看涨期权。当企业资产的收益率大于负债的融资成本时 ,企业可以通过扩大负债的规模来增加看涨期权的价值 ;而当企业资产的收益率小于负债的融资成本时 ,企业则应通过扩大股权的规模来增加看涨期权的价值。股东的投资报酬率由企业的投资收益率、资本结构和负债资金成本三个因素所决定 ,因此在投资收益率确定的情况下 ,企业的融资风险主要来源于企业的资本结构和负债资金成本。企业的资本结构可以通过基于企业价值的看涨期权的弹性来合理确定 ,企业的融资成本也可以通过期权得到有效的控制。

 
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