折现值

当市场是完备时，任意衍生证券的现值等于该证券未来收益折现值在等价鞅测度下的数学期望。

When the market is complete , the present value of any derivative security is equivalent to mathematical expectation of its underlying profit discount value under equivalent martingale measurement .

企业价值是企业在未来若干年里通过经营活动所能创造的现金流量的折现值。

Corporation value is the present value of cash flow which company will create in the future .

第四章，回顾了期权的概念、期权的价格关系和Black-Scholes期权定价公式，提出了欧式看涨期权价格的折现值所满足的微分方程；

Part four , Have looked back the concept of option , the price relation of option and Black-Scholes option price formula , have put forward option price formula of the discounted value of option present value ;

欧式看涨期权价格折现值的研究

The Study for Price Formula of Discounted Value of the European Call Option

为此本文引入期权价格折现值的概念。

Therefore , this paper leads into the concept of discounted option value .

当潜在利益的折现值小于教育个体的创新成本时，教育个体将遵守现行教育制度。

The goal of education institution is to economize on education trade cost of individuals .

当随机利率为一般的独立增量过程时，得到了总索赔额折现值的各阶矩。

Eventually we obtain the average amount of claims of the two types of insurance over time .

因为只有科学的投资决策，高效率的投资决策，才能带来更多的现金流量折现值，从而增加企业价值。

Because only scientific investment decisions and efficient investment decision can bring more cash flow and add value to the enterprise .

如果只是带给少数教育个体潜在利益的折现值，大于创新教育制度的成本，就会发生强制性制度变迁。

The potential benefits which come from new education institution is the essential motive force to propel the change of institution forward .

讨论了当利率是常数时，欧式看涨期权价格折现值所满足的微分方程。

When interest rate is constant , I have put forward option price formula of the discounted value of the European call option .

企业价值取决于预期现金流量的折现值或投资资本加预计经济利润现值。

The value of enterprises can be determined by the discount present value for expected cash flow , or the present value for capitalized cost and estimated economic profit .

笔者还提出了资产折现值吻合度模型，利用该模型说明了两种不耐对利率的决定作用。

The author constructs the model of goodness of fit of assets discounted value . Taking advantage of this model , the author fully demonstrates the decisive effect that the two kinds of impatience to the interest rate .

第二，简要评介了美国纽约大学奥尔森教授于1995年提出的一个公司价值评估的新模式，该模式最大的特点是把公司价值表示为其账面价值和未来异常盈余的折现值之和；

In the second part , we introduce a new model which is developed by Professor Ohlson in 1995 . According to this model , a firm 's value equals its book value adjusted for the present value of anticipated abnormal earnings .

通过企业与成员、成员与成员的重复博弈可以发现决定企业或成员行为的不再是单次的净收益，而是在一段时间上净收益的折现值。

Fourthly , the repeated game about corporate culture between enterprises or employees and between employees finds that the action of enterprises or employees is decided by the discounted net income in a period of time rather than the net income in one time .

显然，如果我们能穷尽银行所拥有的全部资产（不遗漏任何一项物质资产和无形的知识资产），那么银行的市场价值是其全部资产所带来的未来现金流的折现值。

Obviously , if we can not leave out any kind of any kind of visible capital or intangible capital that bank own , the market value of the bank is the current value that folded by the cash flow which obtain from all of his capital .

第五章以二维复合Poisson风险模型为例，利用动态控制理论讨论了使其取得最大累积折现分红值的最优分红策略和动态比例再保险策略。

In the fifth chapter , by dynamic control theory , the optimal dividend strategy and the optimal dynamic proportional reinsurance strategy are find out to maximize the cumulative expected discounted dividends in the bivariate compound Poisson model .

当初始准备金为u时，第一部分引进了与常数利率δ和Laplace变换自变量α相关的罚金折现期望值Φ（δ，α）（u）。

Concretely , four aspects of Works are considered : In the first part , we consider the expected value of a discounted function ( u ) associated with a constant force and the argument a in a Laplace transforms as a function of the initial surplus u .

得出当前利率下农用土地年收益的折现估计值为年平均收益22倍的结论，而维持农民生活水平不变的补偿费用应在年平均收益30倍以上。

In the consequence , the paper draws out the conclusion that the compensation should be at least 30 times of the annual average revenue to maintain the farmers ' living condition .

因此，本章所及分红问题是最大化破产前的累积折现分红量与破产时的赤字的折现值之差的数学期望。

Therefore , the optimal dividend problem is to maximize the expectation of the difference between the accumulated discounted dividends until ruin and the discounted deficit at ruin .