两阶段实物期权法在境外并购企业无形资产定价中的应用研究——以A公司并购BLS公司为例  

Study on Intangible Assets Pricing for Overseas Merger and Acquisition via Two-phase Real Option Approach——A Case Study for Assets Purchase of Company BLS

作　　者：龙大伟[1] 黄红选[2] 王梦月[2] 杨永森 

机构地区：[1]中国科学院大学 [2]清华大学工业工程系 [3]诚志股份有限公司

出　　处：《投资研究》2015年第12期75-86,共12页Review of Investment Studies

基　　金：国家自然科学基金研究项目"基于行为运筹学的供应链管理理论与方法研究"(71031005/G0103)的部分资助

摘　　要：本文对境外并购企业的无形资产定价问题进行研究,基于无形资产与投资机会的关联性提出了两阶段实物期权法,并建立了带有汇率参数的无形资产价值评估模型。该模型把并购方投资目标企业的投资机会(期权)价值作为无形资产评估价值,可以兼容目标企业未来收益的不确定性和投资时机的可变性,并且评估结果对于模型参数的依赖性不敏感。通过A公司并购BLS公司的企业价值分析,验证了本文提出的境外并购企业无形资产定价方法的可行性。The problem for intangible assets pricing is studied in this paper, which occurs in the field of overseas mergers and acquisitions. The two-phase real option approach is proposed and based on the relationship between intangible asset and investment opportunity. The model with a foreign currency exchange rate, corresponding to the two phase real option approach, is established for assessing the value of a firm. The pricing of intangible assets is regarded as a real option of an investment opportunity that the acquirer may have in the future. The results of evaluation about the value of afirm and intangible assets pricing are not sensitive to parameters in our models. They also can coordinate with the uncertainty of a firm＇s yields and the executive time of a future investment. The feasibility of the method proposed in this paper for assessing the value of intangible assets has been illustrated by the case study of assets purchase between Company A and Company BLS.

关 键 词：境外并购 两阶段实物期权法 企业价值 无形资产价值评估 不确定性 

分 类 号：F271[经济管理—企业管理] F275[经济管理—国民经济]