高科技中小企业投资决策中的实物期权

文章分析了高科技中小企业投资活动的不确定性,揭示了实物期权投资决策分析方法的基本内涵,提出了实物期权法能较为客观地对科技型中小企业进行投资决策.     

实物期权法在项目投资决策中的应用

介绍了实物期权法产生的背景,阐述了如何应用实物期权的投资价值计算方法,指出了实物期权在投资决策分析中的意义,并用实例进行了说明。     

基于实物期权方法的中小企业信息化投资决策

本文分析了实物期权方法运用于企业信息化投资决策的必要性 ,并结合实例识别了企业信息化投资项目所蕴含的几种主要的实物期权 ,在此基础上讨论了实物期权方法在中小企业信息化投资决策中的具体运用问题     

基于实物期权的页岩气勘探开发投资决策研究

页岩气资源本身所具有的属性特征,使得其勘探开发存在着诸多不确定性,这给页岩气勘探开发项目投资带来很大的风险.在对页岩气勘探开发项目投资的特点及其期权特性分析基础之上,应用实物期权理论与方法,构建基于实物期权的页岩气勘探开发项目投资决策模型,并结合某油田公司进行算例分析.结果表明基于实物期权的投资决策方法弥补了传统净现值法的不足,能够有效提升页岩气勘探开发投资决策的科学性和有效性.     

基于复合实物期权的三代核电项目投资决策评价方法研究

针对三代核电项目投资决策评价问题,基于复合实物期权方法,提出了三代核电项目投资两阶段(技术创新投资阶段和工程实践阶段)实物期权模型,并分阶段给出期权定价模型表达式.此外,针对工程实践阶段复合实物期权,采用最小二乘蒙特卡洛模拟方法,提出了延迟期权、放弃期权和扩张期权等三类子期权的计算方法.对三代核电项目复合实物期权定价模型的研究表明,核电项目的不确定性能够为核电投资决策带来灵活性价值,并通过对灵活性价值的定量评估,为核电企业的投资决策提供数值依据.     

基于期权理论的实物投资决策

分析了传统投资决策方法的缺陷和看跌期权、看涨期权对实物投资决策的影响。在此基础上，构建了一个基于期权理论的实物投资决策简化模型，并得出初期最优资本投资量。实例结果说明了该模型的正确性。     

基于敲出障碍期权和博弈理论的项目投资决策分析

阐述了实物期权的基本原理和敲出障碍期权的内涵及其定价求解，提出了基于敲出障碍期权的实物期权定价方法和博弈理论的项目投资决策分析，分析了双寡头市场结构下的项目投资决策，给出了算例分析。     

实物期权定价的数学模型及应用

由于风险投资项目具有较高的不确定性,运用传统的净现值定价公式不能很好地解决投资决策中面临的较高不确定性问题,因此,引入实物期权定价的数学模型.并应用净现值定价公式和实物期权定价公式对房地产项目进行投资决策对比分析,说明实物期权定价的数学模型能够发现不确定的价值,较传统投资决策方法具有一定的优越性.     

实物期权理论在研发项目投资决策中的应用

提出了一种基于实物期权理论的研发项目投资决策方法.研发项目投资具有未来收益不确定性、投资成本不可逆性、投资管理的灵活性等特征,由于研发项目投资的经济价值包括获得市场高收益、期权价值等,利用实物期权理论对研发项目进行评价不仅能克服贴现现金流法的不足,而且能使研发投资决策更加科学合理.在阐述研发项目投资特征的基础上,构建了适合研发项目的期权定价模型,案例分析证明了该方法的有效性,最后对模型参数进行了敏感性分析.     

金融投资中的数学方法

传统投资理论将净现值法或折现现金流法用于估价相对稳定环境下的投资项目以实现企业价值最大化,对未来投资环境的不确定性往往采用提高折现率方法,导致一些本来有利的项目被否决。未来不确定性已成为影响企业投资决策制定的重要因素,传统的净现值法在评价具有灵活性或战略成长性的项目投资决策时,往往低估了项目的价值,甚至导致错误的决策。实物期权理论认为,由于投资的不确定性和不可逆性,等待而非立即投资研发是有价值的。因而实物期权来研究投资问题是有价值的,本文主要介绍了实物期权中所应用到的动态规划、或有债权分析等的数学研究方法。     

Markedness and its Interpretation in Language Use

Language markedness is a common phenomenon in languages, and is reflected from hearing, vision and sense, i.e. the variation in the three aspects such as phonology, morphology and semantics. This paper focuses on the interpretation of markedness in language use following the three perspectives, i.e. pragmatic interpretation, psychological interpretation and cognitive interpretation, with an aim to define the function of markedness.     

Features of Women's language

Language is a means of verbal communication. People use language to communicate with each other. In the society, no two speakers are exactly alike in the way of speaking. Some differences are due to age, gender, statue and personality. Above all, gender is one of the obvious reasons. The writer of this paper tries to describe the features of women＇s language from these perspectives： pronunciation, intonation, diction, subjects, grammar and discourse. From the discussion of the features of women＇s language, more attention should be paid to language use in social context. What＇s more, the linguistic phenomena in a speaking community can be understood more thoroughly.     

低渗透非均质砂岩油藏启动压力梯度研究

理论推导与室内实验相结合,建立了低渗透非均质砂岩油藏启动压力梯度确定方法。首先借助油藏流场与电场相似的原理,推导了非均质砂岩油藏启动压力梯度计算公式。其次基于稳定流实验方法,建立了非均质砂岩油藏启动压力梯度测试方法。结果表明:低渗透非均质砂岩油藏的启动压力梯度确定遵循两个等效原则。平面非均质油藏的启动压力梯度等于各级渗透率段的启动压力梯度关于长度的加权平均;纵向非均质油藏的启动压力梯度等于各渗透率层的启动压力梯度关于渗透率与渗流面积乘积的加权平均。研究成果可用于有效指导低渗透非均质砂岩油藏的合理井距确定,促进该类油藏的高效开发。     

On Tragic Consciousness In The Works By Ernest Hemingway

As an American modern novelist who were famous in the literary world, Hemingway was not a person who always followed the trend but a sharp observer. At the same time, he was a tragedy maestro, he paid great attention on existence, fate and end-result. The dramatis personae's tragedy of his works was an extreme limit by all means tragedy on the meaning of fearless challenge that failed. The beauty of tragedy was not produced on the destruction of life, but now this kind of value was in the impact activity. They performed for the reader about the tragedy on challenging for the limit and the death.     

Achieving Unusual States of Matter Under High Pressure

正The periodicity of the elements and the non-reactivity of the inner-shell electrons are two related principles of chemistry,rooted in the atomic shell structure.Within compounds,Group I elements,for example,invariably assume the+1 oxidation state,and their chemical properties differ completely from those of the p-block elements.These general rules govern our understanding of chemical structures and reactions.Using first principles calcula-     

Exchange-Correlation and Electronic Excitation Energies from Pairing Matrix Fluctuations

We have developed an adiabatic connection to formulate the ground-state exchange-correlation energy in terms of pairing matrix linear fluctuations.This formulation of the exchange-correlation energy opens a new channel for density functional approximations based on the many-body perturbation theory.We illustrate the potential of such approaches with an approximation based on the particle-particle Random Phase Approximation(pp-RPA).This re-     

Density Functional Theory for the Response of Periodic Systems to Electric Fields Based on the Vector Potential Approach

正The electronic and nuclear(structural/vibrational)response of 1D-3D nanoscale systems to electric fields gives rise to a host of optical,mechanical,spectral,etc.properties that are of high theoretical and applied interest.Due to the computational difficulty of treating such large systems it is convenient to model them as infinite and periodic(at least,in first approximation).The fundamental theoretical/computational problem in doing so is that     

On the Thermodynamic Limit for Responses to Static Electromagnetic Fields

For molecular systems,the quantum-mechanical treatment of their responses to static electromagnetic fields usually employs a scalar-potential treatment of the electric field and a vector-potential treatment of the magnetic field.Although the potential for each field separately is associated with the choice of an(unphysical)origin,the precise choice of the origin for the electrostatic field has little consequences for the results.This is different for the     

An affordable accurate evaluation of the binding conformations predicted by molecular docking studies in bio-system

Franck-Condon factors bridge the gap between theoretical modeling and experimental observations for molecular electronic spectroscopy and electron transfer.Under the displaced harmonic oscillator approximation,multidimensional Franck-Condon factors are decomposed into a product of many one-dimensional(1D)Franck-Condon(FC)factors,and each 1D-FC factor is associated with one Huang-Rhys factor that determines the leading contribution of     

Call for Papers

<正>"The Journal of Shanghai Normal University:Mathematics"is published by Shanghai Normal University as regular issues of The Journal of Shanghai Normal University each year from 2014 in English.The editors-in-chief of the issues are professors Yuhao Cong and Maoan Han.The Journal of Shanghai Normal University was started in 1958 with