And the article emphasizes on ipo pricing models , including in theoretical method and in empirical method . in theoretical part , traditional ipo pricing models are discussed , and their application is analyzed , based on reviewing the " reform " history of chinese ipo . furthermore , a new ipo pricing model is put up , which embraces " option " thought 其中理论研究是在回顾我国新股发行历史变革的基础上，综述传统的新股定价的理论模型，并对其实用性加以评析，然后从我国新股发行现状出发，将期权定价思想纳入新股定价过程，给出一个具有参考意义的定价公式。
Abstract : this paper presented a formula for valuating risky corporate lease payments . comparing with the initial formula , calculations show that the new formula can produce significantly different lease values from the previous formula . when manager do business of lease , the new formula will be advantageous for his making decision and hedging risks 文摘:文章提出了一个风险租赁支付定价公式.该公式与原公式相比，得出的租赁定价有较大差异，有利于经营者在开展租赁业务时规避风险，做出正确决策
The paper is composed of five chapters the first chapter first introduces the concept , characteristics and the course of development of the stock index futures , then deduces the pricing formula of stock index futures and further analyses the functions of stock index futures and the impact of its transaction on the fluctuation of the spot transactions . the second chapter demonstrates the need and feasibility of the introduction of the stock index futures in china . through the empirical analysis of the market risk of china ' s stock market , we can see that the risk difference between individual stocks , so a portfolio investment wo n ' t help much in risk aversion 本论文共分为五章，第一章在介绍股票指数期货的概念、特点以及产生与发展的过程的基础上，对股票指数期货的定价公式进行了推导，从而引出股票指数期货的套期保值、指数套利、资产配置、组合保险等作用，进而分析股票指数期货交易对股票现货市场波动性的影响；第二章主要是对中国推出股票指数期货的必要性和可行性进行论证，通过对中国股票市场风险测度的实证分析，得出了中国股票价格波动齐涨齐落，个股之间的风险差异小的特点，因此，投资者进行投资组合的避险效果就很有限，无论是个人投资者还是机构投资者，都必须面临中国股票市场巨大风险的事实。
Part two researches systematically real - options approach ' s application scope , pricing , commonly procedure and many problems regarded , present evaluating approach choose and option types " judging standard , analyses parameter ' s identity , deduce binomial option valuation model . it narrates several options " calculation , thought and application range 第二章系统研究了实物期权方法的应用范围及定价，运用该方法的一般程序以及应注意的问题，给出了评估方法选择以及期权类型的评判标准，分析了确定期权参数是应注意的问题，推导出二项式期权的定价公式。
