在本文中，我們證明BS模型在實務環境下只能提供一個評價的參考價值，也就是模型價格（the model price）。BS模型價格很背離權證的市價。因此，本文利用Whalley-WilImo比及Mohamed的觀點來說明修正調整BS模型的缺點，希望提供證澄期會及業界更清楚瞭解BS模型的缺點及其實用的極限，並提供新的理理基礎，說明如何調整修正BS模型理論，以及改進實務作業效率，降低權證發行人的風險，並提高利潤。

　　　　　This paper attempts to prove that in the real world environment the Black-Scholes (BS) model provides reference prices for the options, which are often called, the model prices, rather than the true prices. The model prices differ substantially from the options market prices. Thus, we employ Whalley and Wilmott's and Mohamed's result to illustrate the adjustment and the necessary correction for the BS model so that the flaws in the BS model and its limitations in the real world environment can be better understood by the Taiwan security firms and the Government Security Exchange Commission. In addition, we introduce the new theoretical foundation to illustrate how the BS model can be adjusted to enhance the real world operation efficiency and to reduce the Writers' risk, and hence to raise the profits.