The Covert-Option Character of the Shell Resource in China Capital Market and How Can We Evaluate the Shell Resource’s Price

• 발행기관: 한중경제문화학회
• 저자명: Chenggang Xu Weishun Rong
• 간행물 정보: 『한중경제문화연구』제31권, 61~72쪽, 전체 12쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2025.08.30

국문 초록

An option is similar in many ways to a futures contract in that you have the right to buy or sell at a certain price in the future. An option gives the holder of the option the right, but not the obligation to buy an economic good,at a specific point in time, for a specific price. This means that as the holder of the option, he has the rights, but the seller only has the duty. Due to special trading rules, in the capital market, options have become an important financial derivative. There are many transactions of products, which in nature and transaction effect meet the definition of options. For example, the transaction of shell resources in the securities market conforms to the characteristics of option trading. As a way of trading, the option separates the rights and the duties. It goes without saying that there are a lot of difference between the shells and the option, seeing form many facets, the difference between the two is obvious. If we look the shell as a kind of option, then it must be a kind of option. The author calls this option a covert-option. There are many models for the valuation of option price, but the shell resource transaction belongs to a covert-option, so it is impossible to reasonably evaluate the shell price by using conventional models. The author thinks that we can use B-S model to set the price of the shell recourse.

목차

Ⅰ. Introduction

Ⅱ. Comparison of Shell Resources in China and Foreign Countries

Ⅲ. Covert-option Characteristic of Shell Resources

Ⅳ. Evaluate the Value of Shell Resources

Ⅴ. Covert-option Value Model

VI. The Problem and the Suggestion

References

키워드

Covert-option Shell Recourse Price Pricing Model