不完全信息下基于成长期权的并购价值评估  

Mergers and Acquisitions Valuation in Growth Option Under Incomplete Information

作　　者：赵息[1] 路晓颖[1] 

机构地区：[1]天津大学管理与经济学部,天津300072

出　　处：《天津大学学报（社会科学版）》2012年第1期1-6,共6页Journal of Tianjin University：Social Sciences

摘　　要：企业并购的成败首先取决于并购价值评估是否合理。运用实物期权理论对并购价值进行评估包括对目标企业价值估计和对并购协同效应的评估。传统B-S模型是完全信息下对并购价值的评价,但不完全信息却是市场的常态。因此,考虑到信息对期权定价的影响,推出了不完全信息下企业并购价值评估的成长期权模型,并对模型进行了敏感性分析和算例检验。结果表明,不完全信息对并购价值的评估具有显著影响。信息的搜集和使用可以在一定程度上消除不确定性的影响,减少由信息不对称导致决策失误而带来的损失,可能获得更高的并购收益。The success of enterprises mergers and acquisitions （M＆A） first depends on M＆A valuation. The valuation of M＆A using Real Options theory includes the estimation of the target company value and the assessment of the merger synergies. Traditional B-S model is under complete information situation, while the market is always under the situation of in- complete information. According to this, a modified growth option B-S model is derived under the situation of incomplete information. Sensitivity analyses and Example test are also presented to illustrate the dynamic relationships between the growth option value and information cost parameters. The results show that incomplete information has a significant impact on M＆A valuation. Information collection and exploitation can eliminate uncertainty and reduce income losses caused by decision fantt because of information asymmetry; hence mergers and acquisitions may acquire a higher income.

关 键 词：并购价值评估 不完全信息 成长期权 B-S模型 

分 类 号：F272[经济管理—企业管理]