基于实物期权理论的企业并购实证研究

An Empirical Study of the Enterprise M & A Based on the Theory of Real Options

并购是企业一项长期性的战略投资,其决策过程具有很大的不确定性与不可逆性的特点。在分析延期期权、放弃期权、分段期权相关实物期权理论的基础上,通过仿真一个IT产业研发公司进行并购的案例,将并购投资模型运用到企业并购的决策中,以验证不同参数对于企业并购决策投资影响程度的大小,以期为企业并购降低风险提供实践参考。

M & A is a long-term strategic investment, and the decision-making process has a lot of uncertainty and irreversibility. Based on analyzing the deferral option, abandonment option and option related segments of real option theory, through M & A case of the simulation of a IT industrial development company, the acquisition of the investment model is applied to the enterprise merger and acquisition decisions to verify the different influence on decision and investment of M & A from different parameters, in order to reduce the risk of M & A and provide practical reference.