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中文摘要：
研究完全市场中有限离散时间情形下的资产定价问题。首先,给出了无风险收益的概念,借助无风险收益定义了一种风险中性概率。基于这个概率,得到了资产的价格等于随机现金流与随机贴现因子乘积的期望,而且资产的价格还等于资产支付关于q的期望对无风险收益的贴现值。其次,借助无风险概率考虑了资产在多期情形下的资产定价,得出了相应的股票期权公式,尤其作为推论给出了欧式看涨期权的定价公式,并对资产价格过程的鞅性作了讨论。
英文摘要：
In this paper, we discussed asset pricing of single period model and multi-period model based on the complete market and limited discrete time situations. First, we gave the concept of the risk-free return and defined risk neutral probability by the concept of risk-free return. Based on risk neutral probability, we got the formula of asset rice. Second, by means of the risk neutral probability, we discussed muhiphase asset pricing model, and got the stock pricing equation, particularly we got the European call option equation and discount price of asset price is a martingale about risk neutral proba- bility.
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