无风险的

4Based on a fact that the price formula of Asian options can be transformed into that of vanilla European option when the time to maturity is less than or equal to the length of average, we skillfully obtain the analytical price formula for the option on the minimum or the maximum of two geometric average prices and generalize it to obtain the price formula of several average prices for the first time. We also apply the method of [121], which approximates the arithmetic average by the geometric average, to the pricing of opitons on the minimum or the maximum of two arithmetic average prices to obtain Its approximated price formula. Numerical results show that the approximated price is relatively accurate when the riskless interest rate is large or the option is in the money and the volatility of two underlying assets are high and its accuracy is a little reduced but still good when the dividends are considered. However, it is hardly affected by the sampling number.

我们基于观察到的一个事实即当离到期时间小于或等于平均期间时亚洲期权的价格可变换成普通的欧式期权的价格，从而巧妙地得到了两个几何平均价格的最小或最大值期权价格的解析公式，通过简单地推广，首次得到了多个几何平均时的价格公式；将[121]用于算术平均亚洲期权的定价方法推广到两个算术平均价格的最小或最大值期权，从而得到它的渐进公式，数值结果表明：渐进价格的准确性在无风险利率较大或期权为实值且两标的资产的波动率较小时较好，抽样的个数对它没有影响，但考虑红利时它稍有下降但仍较好。

Through the method of experts'investigation, to analyze the risk on this project and choose out the headstream of the risk 2. Through the method of classification, to disassemble this project 3. Through the method of simulation, to estimate the risk of investment 4. To provide the scheme to avoid and manage the risk All of these efforts made us realizing the features of this project and mastering the rule of risk. So we can complete the project within 1000 days, and create the miracle in the field of the construction on track traffic, with the features of the limited manager, the short term, the low cost, the high technology, the high quality and the perfect safety. It has been the successful nonesuch on the research of risk management art.

首先，采用专家调查法，对项目进行了系统的风险辨识，筛选了项目面临的风险源；第二，采用分级分类的办法对项目进行逐级分解；第三，采用模拟相结合的方法进行了投资风险估计；第四，提出回避风险方案和风险处置方案，从而使工程的建设者们全面的了解了项目的建设特点，把握了风险规律，把风险控制在合理的范围内，使工程能在1000天内顺利竣工通车，并以管理人员少、工期短、造价低、技术难度高、质量优良、安全无事故等特点，创造了中国乃至世界轨道轨道交通建设的奇迹，成为风险管理管理技术研究的又一成功典范。

The study's primary end point was the incidence of hip fracture. At the end of the trial, hip fractures had occurred in 9 patients in the placebo group vs 3 in the risedronate group.The authors report that there was no difference in the fall rate between the 2 groups, suggesting "risedronate may prevent hip fractures despite frequent falls."

该试验的主要终点为髋骨骨折发生率，在试验结束时，安慰剂组有9位病患发生髋骨骨折，而服用risedronate病患则有3位发生；作者表示，这两组病患之间发生跌倒的风险并无统计上显著差异，暗示risedronate可能预防髋骨骨折，但对於跌倒风险没有影响。

The result of this Structural Equation Model shows money attitude and risk tolerance scale, using saving as an independent variable showed that there was no significant influence among them; using debt as the independent variable, the power/Prestige factor has significant influence. In other words, people who tend to see money as the solution to problems are more likely to borrow. In addition, Power/Prestige factor (people who tend to see money as the solution of problems), Retention/Time factor (people tend to perceive that they budget their money.) and high risk tolerance factor has significant influence on investing.

实证结果显示，金钱态度与风险容忍度对储蓄与否均无显著影响，金钱态度中的权力/名望对借贷者行为有影响：倾向将金钱视为解决所有问题的方法的人较易有借贷行为；此外，金钱态度中的权力/名望、保留/时间二项因素以及风险容忍度对投资行为有显著影响：越将金钱视为解决问题的方法以及金钱时间观念重的人，也就是意识到将来老年生活或是未来金钱来源者，以及对於风险容忍度高的人倾向从事投资。

Hypertension was associated with an increased risk of all types of mild cognitive impairment that was mostly driven by an increased risk of non-amnestic mild cognitive impairment; hypertension was not associated with amnestic mild cognitive impairment, nor with the change over time in memory and language abilities.

高血压 ，是会增加风险所有类型的轻度认知功能障碍，这是多数驱动风险增加非遗忘型轻度认知功能损害；高血压无明显相关遗忘型轻度认知功能损害，也与变化时间在记忆和语言能力。

The results are as follows: Sonneratia apetala gained the risk values of 42(41), and Laguncularia racemosa as 40(36.5), they all been ranked as "Represents certain risk, gaining relevant information for further research or taking some measures for prevention and supervision is needed".

结论为：无瓣海桑风险分值42(41)，拉贡木风险分值40(36.5)，风险等级为&具有一定的风险，需要获取相关信息进一步加以研究或应采取相应的防范监控措施&。

The fourth palt describes the five kinds of risk in the trade of tl1e StockIndex Futules, that is, Maltet Risk, Liquidity Risk, Cledit Risk, Legal Riskand Operation Risk, and furtherly analyzes the supervise of govemment toit.

最后分析股指刑货的运作机制，包括交易运作机制（保证金制度、头寸限制制度和涨跌停板制度入结算履约机制（登记结算制度、结算保证金制度、每日无负债结算制度和刻货风险基金制度）和风险管理机制。

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。

The content of each part follow as: In the first chapter, as start point and base of the paper, this part focuses on the basic study ofdefinition characteristic of NO, and the existing base of NO-E-Commerceenvironment; In the second one, this part studies the theory base of NO comprehensively applying the theories of core competence competent strategy and transaction cost; Chapter three studies the NO from the coordination of NO, and gives the structure clarification and characteristic of NO firstly, at the same time, put forward the concept of Virtual Enterprise Cluster; Based on such conclusion, studies the model of NO from life cyc organization level process and value chain, and operational mode; In Chapter four, a theoretical explanation was addressed on the above structure by modeling NO with game theory and graphic theory; In the fifth chapter, on the bases of analysis of NO operational risks, coordination mechanism of NO was studied by individually modeling the NO without core and NO with core, and then put forward the solution for coordination mechanism of NO; As an important component of coordination mechanism of NO, Chapter six explored some basic concept of trust and importantly put forward the way of how to build trust in NO, especially investigated the supporting function of valid reputation mechanism of NO for the trust building, importantly an operational method on building reputation mechanism and evaluation method in NO were given; The last chapter applied theconclusion of the paper to investigate the famous trade Web-SUNBU.

全文共分为七章，主要内容如下：第一章作为全文的理论出发点和基础，围绕网络组织的定义、特征以及网络组织生存基础--电子商务环境等方面对网络组织的基本概念进行了阐述；第二章综合运用核心能力、竞争战略和交易费用理论对网络组织产生的理论基础进行阐述；第三章首先从组织协调的角度对网络组织进行了研究，给出了网络组织的结构，分类和特征，同时并给出了虚拟企业群簇；然后在此基础上分别研究了网络组织的生命周期模型、层次模型、过程模型、价值链模型，以及运行模式；第四章综合运用博弈论、图论的相关知识，通过构建网络组织的模型，对上一章所研究的网络组织结构的形成机理给出了一种理论解释；第五章在分析网络组织运行风险的基础上，分别建立无盟主网络组织的博弈论模型和有盟主网络组织的博弈论模型，详细研究了网络组织的协调机制，然后给出了网络组织协调机制的解决方案；第六章作为网络组织协调机制的重要组成部分，本章在讨论了网络组织中建立信任机制的必要性的基础上，研究了网络组织信任关系的类型，提出了在网络组织中如何建立信任机制。

Every pulse-beat is in exact time with the cricket's chant,and the tickings of the death watch in the wall.I make it my business to extract from nature whatever nutriment she can furnish me,though at the risk of endless iteration.I milk the sky and the earth.

Every脉冲谐波，击败与板球号子的确切时间，并在wall.I使我的公司从自然中提取任何营养品她的死亡手表tickings我提供，但在无休止的iteration.I牛奶的天空和大地的风险。

However, as the name（read－only memory）implies, CD disks cannot be written onorchanged in any way.

然而，正如其名字所指出的那样，CD盘不能写，也不能用任何方式改变其内容。

Galvanizes steel pallet is mainly export which suits standard packing of European Union, the North America. galvanizes steel pallet is suitable to heavy rack. Pallet surface can design plate type, corrugated and the gap form, satisfies the different requirements.

镀锌钢托盘多用于出口，替代木托盘，免薰蒸，符合欧盟、北美各国对出口货物包装材料的法令要求；喷涂钢托盘适用于重载上货架之用，托盘表面根据需要制作成平板状、波纹状及间隔形式，满足不同的使用要求。