The fifth chapter introduces the Black-Scholesoptionpricingmodel, Prices one representative CB issued in 2003 and contracts the results with the market price.
We can account Human Capital of the enterprisers by using F. Black - M. scholesmodel of optionpricing. Through this model, we can get the reasonable price when we inspire a special Human Capital.
Drawing lessons from economic Value-added concept, capital-asset-pricingmodel and Black-Scholes model, we have designed the phantom stock option plan of Liutie material company.