In real option pricing,it is impractical to assume the present value of expected cash flow payoff as an exact number because it is a forecast one.

Based on the considering of companies, this paper analyses the relationship in a theoretical way from three points which are stock liquidity, market risk and expected cash flows.

The expected revenue for seller will be made better off,by introducing a withdrawal right when there is a state in which the object gives dis-utility to the bidders.

In addition, the expected revenue is studied if the valuation is drawn from the uniform distribution.

We make the empirical research into the influence of expected revenue on the demand for education at different levels on the basis of the figures of households in the cities and towns given by the National Statistics Bureau in 2000.

Based on statistical data about profit rates of various securities, this paper applies the average profit rates as a standard measure of the expected return of securities and the sum of absolute error between the practical profit rate and the average profit rate as a standard measure of the mvestment risk of securities, provides the multiple objective linear programming of securities investment.

This paper adopts the exponential smoothing measure for the expected return and the investment risk of the portfolioes.

The risk of individual\'s investment in higher education is the excessive risk in the education,the major risk,the employment risks,and the risks of expected return and the main body risk.