原理

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。

To understand it, the ideas and the spirit of the time should be focused on through the specific institutions and ways, rathejust supe rficially settle over them.

学习、理解《科学管理原理》，不能仅停留在对其具体制度和管理方法的表面解读，而应该透过这些制度、方法，发现《科学管理原理》的本质、理念，挖掘其时代的精神。

Furthermore, the author analyses some common problems in using the fre-quency synthetizer and presents its solution.

接收频率合成器原理分析 1。锁相环的构成及原理 SAR接收频率合成器应用了先进的频率合成技术，其核心

Labor theory of value analyses conditional set of the technology, make labor theory of value is become " simple work " axiology; analyses conditional definitive technology, regard as termlessly general principle, it is the gross error of principle explanation.

劳动价值论分析技术的条件设定，使劳动价值论成为&简单劳动&的价值论；把有条件限定的分析技术，无条件地当作一般原理，是原理解说的重大失误。

Key words: wet-process phosphoric acid; determination of SO3 content; thermosensitive titrimetric method

论述热敏滴定法测定湿法磷酸反应料浆及磷酸中三氧化硫含量的原理，干扰情况及改进后的装置原理，优点。

Under the condition of knowing trolly"s relation datas, the wire rop-load modle taking its load as the study object, using D"Alembert"s Principle and Hybrid method, solves out the mathematical expression of wire rop"s traction while settig the hiost speed; The elctronic motor-drum modle"s build up is attracted to the elctronic motor"s torque, and combines with the wire rop traction"s role on drum, only pay attation to the coupling"s flexibility and damping, which is between the elctronic motor and the reducer. The theory of transmission equations establishment is in Project Vibration.

钢丝绳—吊重模型是在小车运行机构的相关数据均已知的情况下，以吊重为研究对象，利用达朗伯原理和动静法，在假定起升速度已知后求解出钢丝绳牵引力的表达式；电动机到卷筒部分的模型则是建立在电动机输入转矩形式已知的基础上，结合钢丝绳牵引力作用在卷筒上的工作阻力矩，只考虑电动机与减速箱之间的联轴器的弹性阻尼，利用工程振动原理建立传动方程。

Simulation result shows that, compared to the two methods based on minimax theory and stein unbias similar estimate theory respectively, the SNR of the pulsar signal of the proposed algorithm is increased by 5 to 6 dB while keeping the details of it.

实验结果表明，与基于极大极小原理和Stein无偏似然原理的降噪方法相比，基于模糊阈值的小波降噪算法将脉冲信号的信噪比提高了大约5~6dB，同时可以保留信号的细节。

Working principle of the unctional unit is analyzed,exp. mc2833,mc3361,pt2262,pt2272 and so on.

分析了各个功能部件的具体内部原理，如MC2833，MC3361，PT2262，PT2272的功能分析和原理分析。

The article first theoretically analyzes the principle that microcavity reduces threshold 、changes resonant modes of output light and enhances unidirection of the random laser.Then study the structure parameters of different microcavity by transfer matrix.Based on the theory of Maxwell equations and the rate equations, analyze the principle that microcavity reduces the threshold by FDTD method: Changing the confined position,reducing relaxation time and increasing reversing particles, also simultaneously study the influences of the threshold and output light modes by different microcavities and random intensity of random medium.

首先从理论上分析了利用微腔降低随机激光器阈值、改变出射光振荡模式、提高出射光准直性的原理，然后利用传输矩阵法模拟研究了不同的微腔应具有的结构参数，最后以麦克斯韦方程和速率方程理论为基础，利用时域有限差分法分析了利用微腔降低阈值的原理：改变局域化位置、缩短弛豫时间及增大粒子数反转，同时也模拟研究了微腔、随机介质的随机强度对阈值及出射光波模式的影响。

Second, based on the principles of vehicle "Tripped" rollover caused by Understeer/Oversteer and "Untripped" rollover caused by large lateral acceleration, select yaw rate, vehicle slip angle, roll angle and roll rate as the control variables, and determine when vehicle is not stable and how to avoid vehicle rollover properly. Third, the research of vehicle stability control is based on vehicle dynamics model.

针对汽车由于不足转向或转向过度引起&绊倒&型侧翻，以及由于侧向加速度过大引起的操纵型侧翻进行原理分析，确定选取横摆角速度、质心侧偏角以及侧倾角和侧倾角变化作为控制变量，探讨相应的汽车稳定行驶阀值，根据侧翻原理确定正确的控制策略。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。