企业资产剥离决策的期权定价模型

在假设某项资产的寿命无限长、在任何时刻出售的价格不变以及其经营利润服从布朗运动的基础上，得出了一个经营利润达到临界点的模型。当该资产在临界点的经营利润低于其出售价格一定比例时，最佳的选择就是剥离该资产。通过变量取值的替代和适当改变，得到了一个可用于操作的剥离决策模型。

An Option Pricing Model of the Decision-making of Enterprises' Asset Divestment

Assuming that the life of an asset is infinite, the selling price of an asset is constant at any time and the present value of operating profit from an asset follows a geometric Brownian process, this paper constructs a model which operating profit from an asset reaches critical point. The best choice is to sell an asset when the operating profit at critical point is lower than the selling price by some proportions. A model which can be used in reality has been acquired by replacing the values of variables and changing them a little.