Research on the Pricing of Options of Operational Leased Assets

摘要

We need to consider leasing balance when using the method of present value of earnings to evaluate operational lease assets. However, operational lease assets don't belong to lessee and consequently their leasing balance can't be checked in the lessee account. In order to solve such a contradiction, by using the thought of call option and aiming at the flexible lease renewal decision of operational lease assets, we interpret an operating lease as the combination of several real options and take pricing analysis through Black-Scholes model, thus we discuss a new kind of pricing method for operational lease assets in this paper.