| 用Black-Scholes期权定价模型评价知识管理投资 |
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| 引用本文： | 隋静,和金生,于建成.用Black-Scholes期权定价模型评价知识管理投资[J].中国地质大学学报(社会科学版),2005,5(5):43-47. |
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| 作者姓名： | 隋静 和金生 于建成 |
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| 作者单位： | 天津大学,管理学院,天津,300072 |
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| 基金项目： | 国家自然科学基金项目(70272044)，博士点基金项目(20030056014) |
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| 摘 要： | 针对知识管理项目不确定性的特点,提出运用实物期权的方法对知识管理项目投资进行评价。在比较了实物期权和贴现现金流两种评价方法的基础上,分析了知识管理的实物期权特性,指出知识管理存在的期权形式,并分析了知识管理期权与美式看涨期权的对应关系,论证了实物期权评价知识管理投资的可行性。最后以算例的形式给出了Black-Scholes期权定价模型对知识管理项目的评价过程。
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| 关 键 词： | 知识管理 实物期权 Black-Scholes期权定价模型 投资评价 |
| 文章编号： | 1671-0169(2005)05-0043-05 |
| 修稿时间： | 2004年12月10 |
Application of Black-Scholes Option Pricing Model to the Appraisal of Knowledge Management Investment |
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| SUI Jing,HE Jin-sheng,YU Jian-cheng.Application of Black-Scholes Option Pricing Model to the Appraisal of Knowledge Management Investment[J].Journal of China University of Geosciences(Social Sciences Edition),2005,5(5):43-47. |
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| Authors: | SUI Jing HE Jin-sheng YU Jian-cheng |
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| Abstract: | For the uncertainty in the knowledge management(KM) project, real options theory is proposed to appraise the investment of KM. On the basis of contrasting the similarities and differences of Discounted-Cash-F1ow (DCF) model and real options model, the characters and types of real options of KM were analyzed. Then the corresponding connection of the KM options and the American call options was pointed out. The feasibility of appraising KM project with real options model was demonstrated. Finally, Black-Scholes option pricing model was introduced into the appraisal of KM investment by a case. |
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| Keywords: | knowledge management real options Black-Scholes option pricing model investment appraisal |
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