基于复合实物期权理论的分拆上市价值研究  

Research on the Value of Equity Carve-out Based on the Theory of Compound Real Options

作　　者：林旭东[1] 聂永华[1] 

机构地区：[1]深圳大学管理学院,深圳518060

出　　处：《价值工程》2009年第3期61-66,共6页Value Engineering

摘　　要：随着实物期权理论研究的深入,对项目评估中复合期权的研究也有了很大发展。分拆上市作为企业的战略决策,包含了实物复合期权,因此使得分拆本身更具价值。采用动态规划方法对分拆上市进行了研究,并以此为基础进行了相关解释。With the development of researches on real options, the compound real options embedded in investment valuation becomes an interesting issue for researchers. As a strategic decision, the equity carve-out contains compound real options, which enhances the value of itself. This paper adopts the method of dynamic programming to analysis ,introduces the models and makes some empiricl explanations.

关 键 词：复合期权 动态规划 分拆上市 

分 类 号：F830.91[经济管理—金融学] F062.4