摘要融资活动是企业运营的基础，企业在进行生产、投资、经营等各项财务活动都有对于资金的需求。随着我国金融市场的不断深化，各种金融衍生物的出现，融资环境日益严峻，对于怎么样更加合理的选择融资组合有着更高的要求。

2月9日，上证50ETF期权在上海的证券交易所正式上市，这意着我国正式迈入了期权的世界行列，也标志这我们国家拥有了属于自己的金融衍生品。这不仅仅代表着我国金融市场的蓬勃发展，也是经过一年多模拟测试后的努力结果。企业不单单可以运用期权来规避风险和投资获利，同时对于企业优化资本结构也有着重大的意义。因此研究期权对于企业融资的合理选择有着足够的必要性。51047

本文分为四个主要部分：第一部分，阐述写作文章的背景和意义；第二部分理论概述，系统的解释了期权的概念和分类以及企业融资中的概念，目标和分类，分析期权融资的有效性，基于期权理论下的最优资本结构；第三部分分概述国内外企业利用期权进行融资的现状并分析其中的问题。第四部分提出对于期权应用在企业融资当中的合理对策。针对现状，力图为当前的企业利用期权融资提出具有前瞻性的意见。

毕业论文关键词：期权定价；企业融资；融资工具；金融创新 

Option Application in Enterprise Financing

Abstract

Financing activities is the basis of business operations, enterprises in production, investment, management and other financial activities have to demand funds. With the deepening of China's financial market continues, the emergence of various financial derivatives, increasingly severe financing environment for how to choose a more reasonable financing mix have higher requirements.

February 9, Shanghai 50ETF options officially listed in Shanghai Stock Exchange, which means that China officially entered the ranks of the world of options, which also marks our country have their own financial derivatives. This not only represents the vigorous development of China's financial market, and it took more than a year after the simulation results of the test effort. Enterprises not only can use options to hedge risk and profitable investment, but also to optimize the capital structure of enterprises of great significance. So the study options for a reasonable choice of corporate finance has enough necessity.

This paper is pided into four main parts: The first part outlines the theory, the first system to explain the concept and classification options, etc; the second part of the financing analysis, analysis of corporate finance concepts, objectives and classification; third part of financing options effectiveness, optimal capital structure based on option theory under. Section IV presents options for the application of reasonable countermeasures in corporate finance among. That is how to use options to reduce corporate financing and financing risk analysis tool.

Key Words: Option Pricing;corporate finance;financing instruments;financial innovation

 目  录

摘要--1

Abstract--Ⅱ

目录-Ⅲ

一、导言 1

  (一)背景和意义..1

 （二)研究现状及存在问题.1

 （三）文章主要内容和特色.2

二、期权在企业融资中中应用的相关理论

（一）期权理论概述 3

    （二）企业融资理论概述 5

（三）基于期权理论的企业融资分析 7

三、企业运用期权融资的实践考察

（一）国外企业运用期权融资现状(以摩托罗拉为案例).11

（二）国内企业运用期权融资现状（以余额宝为案例）12