不确定

Therefore, it can be regarded as a great improvement of the investment decision-making theory and methods .This article makes a systematic research on real options theory and method and its application, including the following several main aspects:Firstly, it makes a detailed discussion about the common theoretical basis of financial options and real options, including no-arbitrage equilibrium principle, risk-neutral definition, complete market and dynamic tracking.Secondly, it analyze three basic characteristic of investment decision-making in modern market economic system: irreversibility, uncertainty and flexibility, and from the angle of their mutual quantitative and qualitative interactions, it makes a comparison between the traditional NPV methods and real options methods and makes a summary of the general analytical methods of real options.Thirdly, it discusses the all elements in the application of real options such as the ^leakages in value of real assets, basis risk, and private risk, and furthermore, it attempts to put forth a normalized strategy of its application and construct a basic framework of its application.Fourthly, it applies real options theory to strategetic investment of enterprises and the buy-out of company, putting forth a value model for strategetic investment program and making a concrete analysis of its application to buy-out. Furthermore, it advocates that a flexible investment decision-making system should be setup according to real options theory in our country.

本文对实物期权理论和方法及其应用进行了系统研究，主要内容包括如下几个方面：(1)详细讨论了金融期权和实物期权共同的理论基础，主要包括无套利均衡原理、风险中性定义、完全市场以及动态复制方法，对这些理论方法的探讨既是本文的出发点和基础，它们提供了研究实际应用实物期权的一个基准点，也是贯穿全文的线索和灵魂；(2)分析了现代市场经济体系中投资决策的三个基本特征即不可逆性、不确定性和时机选择，并从它们数量上和质量上相互作用的重要意义的角度，分析了传统的净现值法与实物期权方法的差异，指出了净现值法在不确定环境中存在的缺陷及实物期权处理投资灵活性的价值，并将净现值法纳入实物期权投资分析决策体系当中，总结了企业投资决策实物期权的一般分析方法；(3)探讨了实物期权应用中要考虑的各种要素，如实物资产的价值漏损、基差风险和非市场风险等，并进一步提出了实物期权应用的规范化策略和构建了一个实际应用实物期权方法的基本框架，尝试将期权的基本原理与企业在现实经济环境中投资决策的要素结合起来，从而可以在一定程度上超越期权的复杂的数学计算而汲取期权思想的精华，从而促进期权决策方法在实际投资决策中的应用；(4)将实物期权方法应用于企业战略投资，得出了战略投资项目的价值模型，指出可以将实物期权理论和方法应用于企业并购，分析了应用的具体方面，并提出应根据实物期权理论建立一套适合我国企业的灵活的投资决策系统。

A: We can't tell you anything for certain in the game right now. The Queen's not really a superunit but really a specialized unit.

答：关于这个游戏任何元素都是不确定的，皇后还不是真正意义上的超级单位而只是一个特殊单位。

The rough set theory was put forward by Professor Pawlak ,Poland University of Science and Technology, as a method to study the expression and learning of uncomplete or uncertain knowledge base .It was attached importance by many scholars around the world.

Rough集理论是由波兰华沙理工大学Pawlak教授于20世纪80年代初提出的一种研究不完备、不确定知识库和数据的表达，学习，归纳的理论方法，近年来得到许多国际学者的重视。

The encounter of subjectivity reflects people's indefinite and unconfident mentality to grasp the future.

主体性的遭遇反射出人们对于自身把握未来的不确定、不自信的心理。

"Uncreative risk management" is an oxymoron which cannot exist, and risk management without innovation merely rehearses and records the inevitable. To be effective the risk process must embody innovative and creative thinking in both risk identification and response development, proactively seeking potentially significant uncertainties and addressing them appropriately. Anything less does not deserve to be called risk management.

无创意的风险管理」就像诡辩一样是不存在的，而没有创新的风险管理只是演练并纪录下一些无可避免的事，风险程序必须将创新及创意的想法建立在风险辨识及回应发展上、且积极地寻找潜在的重要不确定因素并做适切的处置才会有效，缺少了任东西都不配称为风险管理。

I wish you can stay not because of our unknow future, but because you care in the same way.

我真的希望你能留下来，不因为那不确定的未来，而是因为你也一样在乎我。

Because the time limit of the loan is long in the medium and long term credit, there are many uncertain factors, very risky, lacking the effective risk analysis means all the time in the past, had assessed existing unstayed, the question that the project is on that support blindly, has formed a lot of non-performing assets.

中长期房地产信贷由于房地产信贷期限长，不确定因素多，风险很大，过去一直缺乏有效的风险分析手段，存在着测评不规范，盲目支持上项目的问题，形成了许多不良资产。

If it could, for all that is built into the concept, have turned out that "water" referred to any waterish stuff, or that it could have turned out that "water" had indeterminate reference, then this is enough to show that we should not regard it as a piece of conceptual analysis that water is the actual waterish stuff around here.

如果是这样，对所有进入到概念中的东西，证明&水&指称任何水性材料，或可以证明&水&有不确定指称，那么，这足以指出，在这里我们不应该取为对&水是这里的现实的这些水性材料&的概念分析。

I am not sure,but according to the plan, I have made some modifications.

我不确定这是不是好的建议，但我根据那个计划做了些修改。

Lily: I am not sure,but according to the plan, I have made some modifications.

我不确定这是不是好的建议，但我根据那个计划做了些修改。

I am accused of being overreligious," she said in her quiet, frank manner,"but that does not prevent me thinking the children very cruel who obstinately commit such suicide.""

客人们在卡罗利娜·埃凯家里，举止就文雅一些，因为卡罗利娜的母亲治家很严厉。

Designed by French fashion house Herm è s, this elegant uniform was manufactured in our home, Hong Kong, and was the first without a hat.

由著名品牌 Herm è s 设计，这件高贵的制服是香港本土制造，是我们第一套不配帽子的制服。