摘要
针对传统企业并购价值评估模型的局限性,本文从期权的角度阐述了企业并购的期权特性,指出企业并购实质上相当于取得了一个看涨期权;并以连续支付红利的美式期权定价理论为基础,建立了企业并购价值评估的期权定价模型。最后,通过实例论述了如何应用该模型来评估企业并购价值,对实践中企业并购价值的合理确定具有重要的指导意义。
Owing to the limit of the traditional evaluation model for the CM&&A value, this paper clarified the option characteristics of the CM&&A from the view of option and verified the CM&&A is regarded as the call option . Then the option evaluation model for the value of CM&&A is developed on the basis of the continuous dividend Ameri-option pricing theory. Finally, a numerical example is used to illustrated the use of the developed model, which can be the direct sense for the justified conformation of CM&&A value.
出处
《价值工程》
2004年第4期87-89,共3页
Value Engineering
基金
国家自然基金资助项目(79970115)。