要素

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 second element will break, or punctuate, the studium. This time it is not I who seek it out...

而第二个要素会打断，或者说撕裂了这种&参&--这一次不是我要将其找出，而是这个要素像一支箭从照片中的景象中射出并穿透我。

Analyzing the essont ial factors,we can sort the projection into seven factor types:content type,atti tade type,qroud type,object type,means type,resource type,state type.

通过要素分析的分类，就会得到投射的七个要素类型：内容型投射、对象型投射、根据型投射、态度型投射、方法型投射、来源型投射、状态型投射。

The automatic gathering system of the meteorological factors has three units: the unit responsible for the measurement and transferal of the factors, the data center to communicate with others online and the unit to show, inquire and print the data information based on the digital map.

气象要素自动采集组网系统分为3个单元：自动采集单元负责探测、传输各种气象要素；数据中心负责与各个采集单元进行双工通信；在Internet上以电子地图方式对区域用户提供查询、打印和数据分析服务。

The development of high-tech industries in different countries and regions has proved that an efficient venture capital system can provide a steady capital supply for high-tech industries, thus effecting a systematic garantee for a better resources allocation and a higher economic efficiency. It can also allow full play to all the available resources elements, the personnel resources in particular, through its peculiar and scientific investment and operation modes.

各国和各地区高新技术产业发展的实践表明，有效的风险投资制度能为一国高科技产业的发展提供稳定的资本来源，为优化资源配置、提高经济效率提供制度保障，并可通过提供独特的、科学的投融资经营方式，使一切可以调动的资源要素特别是人力资源要素的效用充分发挥出来。

A change in the supply of one factor alters the earnings of all the factors.

一种生产要素供给的变化会改变所有要素的收入。

According to Maxwell' geomorphology theory and the standardization characteristic of surface texture feature based on GPS'(geometrical product specification) areal method, deeply research the change tree and Wolf pruning technology which were used in analyzing surface topography. Further standardized the Wolf pruning standard of area, line and point feature etc and the quantification parameters of charactering surface texture. And expound its feasibility in engineering practicability by taking an example.

基于Maxwell的地貌学理论及GPS(geometrical product specification)区域法表面结构要素的规范特点，深入研究应用于表面形貌分析中的变化树及Wolf修剪技术；进一步规范区域、线、点等要素的Wolf修剪标准及表征表面结构的量化参数；并以实例阐述其在工程实践中的可行性。

Established a convenient asset management control model embedded with intellectual capital that is applicable to service industry. 2.Studied asset management control issues when embedded with intellectual capital in a financial perspective. 3. Explored and established a new mode on modern enterprise financial management to make an organic integration of tangible assets and intellectual capital and provide a new way of collectivized financial management.

更多、构建了一套简便实用的嵌入智力资本要素的服务行业企业资产管理控制系统模型； 2、研究视角的创新，从财务管理的角度来研究企业集团的嵌入智力资本要素的资产管理控制问题； 3、探索并建立现代企业财务管理的新模式，实现有形资产和智力资本的有机融合，为集团化财务管理提供了一个新思路。

We find:(1) ITB cumbers the optimization of enterprises' scale through increase the trade cost;(2) The rate of ITB on inter-industrial products is higher than on the intra-industrial aspect, and the product's trade barrier has a decreasing situation;(3) From the macro-economics view, the behaviors of governments have grave influences on the integration of domestic market; taxation system and regional law system have great impact on the many aspects which influence the development of economy.

微观方面，区际贸易壁垒通过影响企业成本控制，阻碍企业最优规模的实现，并对产业集聚的发生造成随机性影响。同时，产业间层次上的制成品贸易壁垒比重大于要素贸易壁垒，而制成品相对要素的区际贸易壁垒（无论产业间还是产业内层次）有下降的趋势。宏观方面，政府行为对于区际整合有着重要影响，财税制度和规制建设在转型经济中对地方分割等影响经济增长的众多方面造成影响。

In chapter six, based on the philosophy analysis of system and element, the author disintegrates the elements and the basic elements of IBE, with the help of the theories of the education science.

在分别研究网络教育的各个基本要素之后，对网络教育进行了&机理分析&，发现了网络教育基本要素之间的基本联系。

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。