基于增长期权的并购目标企业价值评估  

Evaluation of Target Enterprise in M&As Based on Growth Option

作　　者：方晓成[1] 李姚矿[1] 龙丹[1] 

机构地区：[1]合肥工业大学管理学院,合肥230009

出　　处：《价值工程》2008年第5期52-55,共4页Value Engineering

基　　金：安徽省自然科学基金项目(070416276X)

摘　　要：实物期权评价方法的引入弥补了传统现金流量法在并购目标企业价值评估中的不足,并充分考虑了管理灵活性所具有的价值。首先,回顾了国内运用实物期权评价法对并购目标企业价值评估的研究;然后,建立包含增长期权的并购目标企业价值评估模型,在对其中增长期权的定价中加入市场竞争及企业竞争力的影响;最后,运用案例演示具体计算过程。The introduction of real option valuation method offsets the deficiency of traditional cash flow technique in valuing target enterprise in M＆As.Because it fully considers the value of management flexibility.This paper firstly review the internal researches which applied real option valuation method to evaluate the target enterprise in M＆As, and then build up a model involving growth option for evaluating the target enterprise in M＆As.And the influence of market competition and enterprise competitiveness are attached to the pricing of growth option.At the end we use an example to show the process of calculation.

关 键 词：增长期权 并购 目标企业 价值评估 

分 类 号：F713.35[经济管理—产业经济] F062.4