Of The Application Of Stock Option Valuation Model

Within the scope of financial derivatives in our country in recent years, the rapid development of stock options as an effective way of incentive has been more and more enterprises to adopt. However, as in2002have exposed the financial scandal and the2008financial crisis is spreading all over the world, people began to question on stock options. Stock options valuation is not only a question of accounting is a financial problem, the correct valuation of stock options, directly affect the accounting information disclosure, and thus affect the investors of judgment, can use directly affects the enterprise and the interests of investors, therefore, the valuation of stock option problem has drawn great attention of scholars both at home and abroad, and gradually to the stock investment risk effectively controls, right of stock options valuation is of great significance.Because of this, this article to vanke as a case study of the application of stock option model, systematically introduces the black scholes pricing model and binary tree pricing model, starting from the assumptions of the model, the basic elements of concrete analysis model formula and calculation steps. And by using the data of vanke, and on the basis of studying the model of combination of vanke real case elaborates on two kinds of model, integrating theory with practice. Contrast vanke’s annual report to verify the exactness of the two kinds of stock price model and its advantages and disadvantages, and better improve the domestic option pricing theory and better serve the options trading market, realize the enterprise benefit maximization.The study found that the black scholes model on the basis of clear options pricing factors to calculate the effective period of price, method is simple, clear, step calculation process is clear, strong practicability. But the volatility of stock price often require specific calculated according to the different period, without a stable value, amount of data acquisition is limited, each time based on standard deviation to calculate the volatility of stock price. Binary tree model can estimate travel price, but value elements, and directly obtained from the option incentive plan is hard to estimate elements, need more complex calculation steps and complicated computing process. Binary tree model some influencing factors are often not met, uncertainty of the stock price rises, stock prices fell calculation result affects the binary tree. So there will be a larger error. But compared with black scholes model assumptions, the feasibility is opposite bigger, binary tree assumptions in enterprise valuation of options in the future there is great research value. In addition, in view of the vanke company stock options, respectively by using the black-scholes model and binary tree model of real options fitting calculation, calculation formula of program is given, and the deviation of theory value and actual value has carried on the comparison and analysis, found that the theoretical calculation results with the company’s annual report coincided basically with the real option price is given, which verify the used in this paper, two kinds of stock options valuation model has certain practical application value.