投资于

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。

Based on the theory of eclectic paradigm of internationalproduction and the analysis of indispensable conditions for investment, this paper indicatesCNOOC's advantages in foreign direct investment. Making use of the method of combiningtheories with physical, combining investment cases of SINOPEC, CNPC and ONGC, upon theanalysis of process and pace relationship in oversea expansion, investment mode, investmentlocation, investment domain, capital source and capital form, it suggests the issues those shouldbe taken into account for investment strategy, including recognizing the relationship betweenreward and development pace, the priority in investment mode selecting, pluralizing of oil sourcesupply, upstream business investment philosophy, all forms of financing channels, and theproportion of non-fund capital in investment capital forms.

最后运用理论与实际相结合的方法，结合中石油、中石化以及印度石油天然气总公司的投资案例，从海外发展的进程与速度、投资方式、投资区位、投资领域、资本来源以及投资出资物等 6 个方面进行分析，提出中海油今后在确定投资战略时应该注重以下几个问题：要重视发展速度与效益的关系；在三种投资方式中，首先考虑通过收购优良资产获得油气储量，其次要与国际大公司合作进行风险勘探，最后要谨慎对待公司并购；选择投资区域时，首先要巩固现有的亚洲资产，其次要重视对其他地区的研究与尝试，实现油源供应的多元化；对海外的投资要长期致力于上游领域；融资方式要多元化；要注重除资金外其他的资本形式在投资出资物中的比重。

Whether you are buying or selling a house , duplex, condo, townhouse, land or investing in real estate in Calgary and area , at your convenience, you can use following pages to find information and resources, that will help you with this process.

无论您是购买或出售房子，复式，公寓，住宅楼，土地或投资于房地产，卡尔加里和地区，您在方便的时候，您可以使用下面的网页查找信息和资源，这将有助于您完成这一过程。

You are an eligible PRC investor, which means that you are either an eligible PRC domestic investor as a natural person, legal person or other organization, or a foreign investor eligible to invest in the Company's a shares under relevant PRC laws and regulations, and you are not prohibited from investing in the Company's a shares under relevant PRC laws or regulations or any other regulatory requirements by which the Company is bound (you will be required to legally hold a share account certificate of Shanghai Stock Exchange prior to your purchase of any a shares); and

您确认并保证是合资格的a股投资者，即有资格的中国的自然人、法人及其他机构等境内投资者，以及依照中国有关法律、法规规定有资格投资于a股的境外投资者，但中国法律、法规及工行须遵守的其他监管要求所禁止者除外（您需要依法持有上海证券交易所股票帐户卡方可购买工行本次发行的a股）；并且

You confirm and guarantee that you are an eligible a-share investor, which means that you are either an eligible PRC domestic investor as a natural person, legal person or other organization, or a foreign investor eligible to invest in the Company's a shares under relevant PRC laws and regulations, and you are not prohibited from investing in the Company's a shares under relevant PRC laws or regulations or any other regulatory requirements by which the Company is bound (you will be required to legally hold a share account certificate of Shanghai Stock Exchange prior to your purchase of any a shares); and

您确认并保证是合资格的a股投资者，即有资格的中国的自然人、法人及其他机构等境内投资者，以及依照中国有关法律、法规规定有资格投资于a股的境外投资者，但中国法律、法规及中信银行须遵守的其他监管要求所禁止者除外（您需要依法持有上海证券交易所股票帐户卡方可购买中信银行本次发行的a股）；并且

If the world economy is to be less dependent on destructive bubbles, more of the world's surplus capital needs to flow into investment in emerging economies.

如果全球经济减少对破坏性泡沫的依赖，那么更多的世界盈余资金将需要投资于新兴国家。

You won't find many new HD DVD titles coming out, and I wouldn't invest in them at anything but bargain-basement prices.

你不会找到许多新的HD DVD节目走出来，我不会对他们投资于什么，但讨价还价地下室的价格。

TheDarien, Conn., fund of hedge funds will have to close as a result of the losses, she said.

她说，Maxam将因这些损失不得不关门大吉。Maxam是总部在康涅狄格州的一家投资于对冲基金的基金公司。

Pregis Protective Packaging Europe has confirmed its market leadership in Poland and throughout Eastern Europe with the introduction of coextruded bubble wrap technology with air retention barrier, following major investment in its new factory in Gliwice in Poland.

Pregis保护包装欧洲已确认其在波兰市场的领导地位与泡沫包装的共挤技术，空气阻隔引进和保留整个东欧，在其之后的新工厂在Gliwice主要投资于波兰。

"We welcome The Foundry Company into the IBM alliance and are pleased to see the company investing in New York," said Dr. John E. Kelly III, senior vice president and director of Research at IBM.

&我们欢迎晶圆公司进入IBM公司结盟，并高兴地看到，公司投资于纽约，博士说：&约翰E凯利三，高级副总裁和董事在IBM公司的研究。

Breath, muscle contraction of the buttocks; arch body, as far as possible to hold his head, right leg straight towards the ceiling (peg-leg knee in order to avoid muscle tension).

呼气，收缩臀部肌肉；拱起身体，尽量抬起头来，右腿伸直朝向天花板（膝微屈，以避免肌肉紧张）。

The cost of moving grain food products was unchanged from May, but year over year are up 8%.

粮食产品的运输费用与5月份相比没有变化，但却比去年同期高8％。