实物期权框架下的企业并购价值评估  

Corporate valuation in M&As using real options theory

作　　者：齐安甜 张维[2] 

机构地区：[1]广发证券博士后工作站,广东广州510075 [2]天津大学管理学院,天津300072

出　　处：《系统工程学报》2004年第4期403-407,共5页Journal of Systems Engineering

基　　金：国家自然科学基金资助项目(79970039).

摘　　要：针对传统估价方法在企业并购价值评估中的不足,利用实物期权方法进行了改进.首先,分析了不考虑并购情形下企业价值评估的实物期权方法.其次,以放弃期权为例,研究了并购中的企业估价方法.最后,提出了运用实物期权理论进行企业并购价值评估的整体思路.Aiming at the shortcomings of the traditional corporate valuation methods used in mergers and acquisitions (M&As), some improvements are made in this paper. Firstly, the corporate valuation using real option theory without M&As is analyzed. Secondly, making abandoning option as an example, the corporate valuations in M&As are studied. Lastly, an integrated framework of corporate valuations in M&As based on real option theory is put forward.

关 键 词：企业并购 企业价值 实物期权 Black—Scholes公式 

分 类 号：F830[经济管理—金融学]