二项式期权定价模型。主要用于计算美国期权的价值。

The binomial option pricing model values options using an iterative approach utilizing multiple periods to value American options.

二项期权定价模型假设股价波动只有向上和向下两个方向，且假设在整个考察期内，股价每次向上(或向下)波动的概率和幅度不变。模型将考察的存续期分为若干阶段，根据股价的历史波动率模拟出正股在整个存续期内所有可能的发展路径，并对每一路径上的每一节点计算权证行权收益和用贴现法计算出的权证价格。对于美式权证，由于可以提前行权，每一节点上权证的理论价格应为权证行权收益和贴现计算出的权证价格两者较大者。

以下为相关双语示例：

The share-based awards granted are measured at fair value at grant dates and recognized as share-based compensation expenses when service and performance conditions were met. Management applies significant judgment in determining the fair value of share-based awards at grant dates given that the ordinary shares underlying the awards were not publicly traded at the time of grant. Fair value of the ordinary shares was determined and allocated using the income approach, while the fair value of share-based awards was determined using the Binomial option pricing model.

授予的股权奖励于授予日期按公允价值计量并于服务和业绩条件得到满足时被确认为股权激励支出。由于奖励中涉及的普通股在授予之时并未在公开市场交易，因此在授予日期确定股权奖励的公允价值时，管理层作出了重大判断。普通股的公允价值采取收益法确定和分配，但股权奖励的公允价值则是根据二项式期权定价模型确定的。