| 排污权期权价值评估模型研究 |
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| 引用本文： | 孙卫,李寿德,胡巍,唐树岚.排污权期权价值评估模型研究[J].西安交通大学学报,2007,41(1):106-109. |
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| 作者姓名： | 孙卫 李寿德 胡巍 唐树岚 |
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| 作者单位： | 1. 西安交通大学管理学院,710049,西安
2. 上海交通大学管理学院,200052,上海 |
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| 基金项目： | 国家自然科学基金;上海哲学社会科学规划资助项目 |
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| 摘 要： | 应用实物期权理论,尝试建立的排污权期权价值评估模型,给出了关于时间、购买排污权支出等排污权期权价值解析表达式.利用此解析表达式,不仅可以帮助厂商分析和评估所要购买的排污权期权价值,还有助于厂商做出是否购买排污权的科学决策.当排污权的期权价格小于当前市场价格、排污权期权价值为零时,厂商会选择放弃购买排污权,而当排污权的期权价格高于当前市场价格时,厂商会购买排污权,但其获得的排污权期权价值则取决于排污权的期权价格高于当前价格的程度.
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| 关 键 词： | 排污权 实物期权 价值评估 模型 |
| 文章编号： | 0253-987X（2007）01-0106-04 |
| 修稿时间： | 2006-05-25 |
Emission Permits Option Value Evaluation Model |
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| Sun Wei,Li Shoude,Hu Wei,Tang Shulan.Emission Permits Option Value Evaluation Model[J].Journal of Xi'an Jiaotong University,2007,41(1):106-109. |
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| Authors: | Sun Wei Li Shoude Hu Wei Tang Shulan |
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| Abstract: | An emission permits option value evaluation model is developed based on the real option theory,and the mathematical model expression is given according to the time and manufacturer expenditures,which can help the manufacturers to analyze and evaluate the emission permits option value, and to make the scientific decisions to buy the emission permit or not.The manufacturer will not buy the emission permit because the emission permits option value reaches to zero if the option price of emission permits is higher than the present price of emission permits,otherwise,the manufacturer will buy the emission permit as the option value of emission permits is dependent on the price space between the option price and the present price of emission permits. |
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| Keywords: | emission permits real option value evaluation model |
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