摘要
期权定价模型是继现金流量贴现定价模型之后最重要的定价模型。在公司债务契约关系中,股东侵犯债权人利益的败德行为主要包括资产替代、投资不足、清偿性股利和债权稀释等,利用期权定价模型对这些败德行为从买权和卖权的角度分别进行了分析,并提出了相应的防范对策。
option pricing model is the most important pricing model succeeded with the DCF model.This paper applies the OPM in corporation pricing and assess the value of stock holders' control rights through selling and buying option respectively.Furthermore analyze stock holders' moral hazard which deprives the creditor of his interest in debt contract,and puts forward the relevant measures to prevent it.
出处
《辽宁工程技术大学学报（社会科学版）》
2004年第3期259-261,共3页
Journal of Liaoning Technical University(Social Science Edition)
