灵活性

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 succedent implications are positive from a long-term perspective, and the reform will help to improve the exchange rate formation mechanism and the initiative and flexibility of monetary policy, change the growth of economic depending on external demand too much, be easy to correct the imbalances in global economic growth, and make positive contribution to world economic growth.

改革之后，随之而来的影响从长期来看是积极的，人民币汇率形成机制的改革将有利于完善中国汇率形成机制，提高货币政策的主动性和灵活性，改变过分依赖外需的经济增长，同时也易于校正全球经济增长的不平衡，对世界经济增长做出积极贡献。

We have explained to the question of standardizing with the "Tong_su_yi_xu synonymic words" in the last part of the article, namely while grasping a large number of language facts, we want the concrete problem to make a concrete analysis of, while in the norm, we should notice the rhetoric function with the "Tong_su_yi_xu synonymic words"too, the flexibility of its structure form can make Chinese

文章的最后阐述了对同素异序同义词的规范问题，要掌握大量的语言事实，具体问题具体分析，在规范的同时，我们也应该注意到同素异序同义词的修辞功用，它结构形式的灵活性可以使汉语词汇变得更加丰富多彩和富于变化，因而不能盲目、草率地将其当成语言中的赘疣进行规范。

The project technology that comes from ministry of facilities of base of Sun company software deputy total Karen Tean Padir thinks, through opening the source of Web server and acting server, can give our user and development staff more flexibility, make they have more choices, also can help the occupational market with him better Sun so.

来自Sun公司软件基础事业部的工程技术副总Karen Tean padir认为，通过开放Web服务器和代理服务器的源码，可以给我们的用户和开发人员更多的灵活性，使得他们有更多的选择，这样也可以帮助Sun自己更好的占领市场。

This dual- line control gives designers flexibility in preventing bus con- tention in their systems.

这双行控制使设计师在防止他们的系统总线CON组，张力的灵活性。

This dual line control gives designers flexibility in preventing bus con- tention in their systems.

这种双重线控制使设计师在防止他们的系统总线CON组，张力的灵活性。

Take definition, formulary, theorematic converse application seriously, in solving a problem can handy, be helpful for developing the flexibility of thinking.

重视定义、公式、定理的逆向应用，在解题中能得心应手，有利于发展思维的灵活性。

With the developments of new materials, new technologies, new methods and new theorics in measurement and sensor fields.

而将多种触觉传感器组合并用，虽然是一种较为实际的做法，但是由于繁多的引线，往往限制了机械手爪的灵活性。

We compared the effect of the number of weekly repetitions of a static stretching program on the flexibility, hamstring tightness and electromyographic activity of the hamstring and of the triceps surae muscles. Thirty-one healthy subjects with hamstring tightness, defined as the inability to perform total knee extension, and shortened triceps surae, defined by a tibiotarsal angle wider than 90 degrees during trunk flexion, were divided into three groups: G1 performed the stretching exercises once a week; G2, three times a week, and G3, five times a week.

我们比较每周重复静态牵张方案的次数对灵活性、腘绳肌紧张以及腘绳肌与小腿三头肌的肌电灵敏度的影响。31例腘绳肌紧张的健康受试者（腘绳肌紧张为无法进行全膝伸展和小腿三头肌缩短（躯干弯曲时胫附的角度大于90度））被分为3组：G1组，进行每周一次的牵张训练；G2组，进行每周三次的牵张训练；G3组，进行每周五次的牵张训练。

for the time flexibility , working maneuverability and vast highway cover what be brought about postponing as with a net, the tractility , the feasible automobile become vapor luck being person short distance take a trip selections more .

汽运由于其时间的灵活性、运行的机动性和广阔的公路网所带来的延展性，使得汽车成为更多人短途旅行的首选。

As she looked at Warrington's manly face, and dark, melancholy eyes, she had settled in her mind that he must have been the victim of an unhappy attachment.

每逢看到沃林顿那刚毅的脸，那乌黑、忧郁的眼睛，她便会相信，他一定作过不幸的爱情的受害者。

Maybe they'll disappear into a pothole.

也许他们将在壶穴里消失