厦门大学毕业论文范文www中国8888yimin移民网.doc

学校编码：10384 分类号 密级 学号： UDC 硕士学位论文Enterprise Valuation in New Sources of Energy Industry ——Application Research on TWBB 周 瑾 指导教师姓名：熊英子 副教授 专 业 名 称：企 业 管 理 论文提交日期：2009 年 月 论文答辩时间：2009 年 月 学位授予日期：200 年 月 摘要 全球经济的高速增长传统能源的紧缺与价格的高涨在国内外相关文献的研究基础上，新能源行业特点，行业内一家上市公司作为研究对象，采用B-Scholes公式法和蒙特卡罗模拟两种实物期权定价法对进行评估，结果并进行相关的敏感性分析。可以同时使用，以作参考。结果影响较大。关键词：实物期权Abstract In 21st century, the world’s economy has enter to the most fast paced development, and resulted to lack of traditional sources of energy and high commodity price that stopped the development of world’s economy. Everyone started to develop alternatives sources, searches new options to overcome the shortage of traditional sources of energy. Due to the shortage of traditional sources, New Sources of Energy has gradually entered into the booming period of development. In July 2008, the credit crisis has greatly affect the global market, the price of traditional sources of energy immediately decrease, lack of demand, that create a negative impact to New Sources of Energy. However, due to the prices changes of traditional sources of energy leads the decision-makers of this industry need the real options, which not only bring potential chances but prevent unnecessary loss. In other words, it is the real options of New Sources of Energy Industry Investment. Based on the review literature and concepts of local and international studies, the study has analyze the characteristics of New Sources of Energy Industry, determine the uncertainty of external environment, high capital investment, growth and development of New Sources of Energy Industry. The paper uses real option models to evaluate the value of enterprise and choose one of the most influential listed companies as the research subject and uses their financial data from the 1st quarter of 2004 to 3rd quarter of 2008. It uses the Black-Scholes model