基于成长期权的企业并购价值评估方法  

Pricing Theory in the Evaluating the Value of CM&A Based on Growth Options Theory

作　　者：胡愈[1] 许红莲[1] 岳意定[2] 

机构地区：[1]湖南商学院,湖南长沙410205 [2]中南大学商学院,湖南长沙410083

出　　处：《系统工程》2006年第6期97-99,共3页Systems Engineering

摘　　要：针对传统评价方法在企业并购投资决策评价中的不足,从一个全新的视角引入实物期权的评价体系,弥补折现现金流法在面对企业经营灵活性时的固有缺陷,建立了企业并购价值评估的期权定价模型。最后,通过实例论述了如何应用该模型来评估企业并购价值,对实践中企业并购价值的合理确定具有重要的指导意义。In this paper, aiming at the existing problems that those traditional Investment valuation methods in M＆A face with, a new model based on growth options is put forward, as a remedy of the Discounted Cash Flow Method when it treats the operation flexibility. Then the option evaluation model for the value of CM＆A is developed. Finally, a numerical exam pie is used to illustrated the use of the developed model, which can be the guiding ideology for the justified conformation of CM＆A value.

关 键 词：企业并购 实物期权 成长期权 

分 类 号：F830[经济管理—金融学]