Although there is no real option pricing trading market all across the nation , the application of the theories will enjoy the bright future because many financial tools and businesses embody the idea of the option . the main applications include : the pricing of the company ' s financing tools , including stock , bond , convertible bond and so on ; the calculation of the proportion of liability to stock in case of changing the liability a company owes to a creditor into the stock share ; the evaluation of the value of a loan and analysis of the credit risk of loans in our country from the point of option ; and the evaluation of the effectiveness of executive stock . option and the improvement of the executive stock option 尽管目前中国还没有期权交易市场，但由于许多金融工具和金融业务中都包含了期权的思想，期权定价理论在我国仍有广阔的应用前景，本文对此进行了探索。主要的应用内容有以下四方面：公司融资工具，既包括传统融资工具股票、债券的定价，也包括新型融资工具可转换债券和认股权证的定价；债转股业务中比例的确定，用布莱克-斯科尔斯模型和二项分布模型两种方法计算；贷款业务定价，并从期权角度分析我国贷款的信用风险状况、成因；经理人期权激励，包括其原理、对其有效性的实证分析，并引进指数期权作为改进方法。
Without preferred stock , stock warrant and treasury stock , our countries " listed companies are lame . it is important for our country to carry out the exchanging businesses of preferred stock , stock warrant and treasury stock . it will not only avail in improving the capital stock structure of listed companies , but also give play to the capital mechanism in society resource distribution 优先股、认股权证、库藏股都是股份制企业或上市公司不可或缺的品种或组成部分，并且在国外证券市场上起着不可替代的作用，而中国市场经济条件下的股份有限公司只有普通股设置，是跛足而行，因此，也须设置优先股，并同时开展认股权证交易及鼓励库藏股交易，进行证券市场金融工具创新，从而改善上市公司的股本结构，充分发挥资本机制在社会资源配置中的功能和作用。
We apply the return of equity ( roe ) and r instead for tobin ’ s q as the indicators to describe the corporate performance . pricing of the warrant may put forward a challenge for classical black - scholes formula . in reality , warrant holders , like option holders , may elect to exercise early if the underlying stock pays sufficiently large dividends 指出认股权证的delta 、 gamma和vega风险对冲策略和现阶段可采用的风险管理工具和方法,分析运用经典欧式看涨期权的black - scholes公式为认股权证定价的缺陷,得出考虑红利支付的b - s公式修正模型与由历史波动率的确定的看涨期权b - s模型的定价结果较为接近,而红利支付的b - s公式修正模型和由条件波动确定的看涨期权价格差别较大的结论。
