| 基于实物期权理论的并购企业定价研究 |
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| 引用本文： | 康进军,欧阳令南. 基于实物期权理论的并购企业定价研究[J]. 工业工程与管理, 2005, 10(1): 79-82 |
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| 作者姓名： | 康进军 欧阳令南 |
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| 作者单位： | 上海交通大学,安泰管理学院,上海,200052;上海交通大学,安泰管理学院,上海,200052 |
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| 摘 要： | 实物期权方法的重要特征是能够定量地评价不确定性因素给项目带来的价值影响。本文应用期权理论分析M&A项目投资,实质上是引入了并购决策的动态计价算法,可以准确地估算由并购决策带来的未来选择权的价值,从而避免由于忽略未来选择权而导致的投资不足。在实际中,选择权价值的计算主要是借用金融期权定价的Black-Scholes模型和CRR模型来进行。
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| 关 键 词： | 并购 净现值 实物期权 |
| 文章编号： | 1007-5429(2005)01-0079-04 |
| 修稿时间： | 2004-03-10 |
Research on the Pricing of Corporation in M&A Based on the Real Option Theory |
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| KANG Jin-jun,OU-YANG Ling-nan. Research on the Pricing of Corporation in M&A Based on the Real Option Theory[J]. Industrial Engineering and Management, 2005, 10(1): 79-82 |
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| Authors: | KANG Jin-jun OU-YANG Ling-nan |
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| Abstract: | Capability of computing the value effect of uncertainty is the important characteristic of real options approach. The essence of applying option theory to M&A evaluation is to introduce the dynamical valuation method, and this method can precisely compute the value of future option induced by M&A project, thus can avoid an under investment caused by neglecting the future option. In practice, the computation of real option is the application of the Black-Scholes model and CRR model of financial option theory. |
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| Keywords: | M&A net present value (NPV) real option |
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