企业跨国横向并购的时机选择

Timing Decision of Transnational Merger & Acquisitions

不确定性环境下跨国公司的横向并购决策的时机选择问题是影响企业并购成功与否的一个重要因素。应用实物期权方法,将跨国公司所拥有的并购投资机会看作是跨国公司所持有的看涨期权;应用期权定价理论分析了并购期权的价值,得到了最优并购投资决策的临界值,对企业跨国并购具有一定的理论指导价值。

The timing decision of horizontal Merger & Acquisitions (M&A) for a transnational firm under an uncertain environment will affect the success of M&A. The investment decision making of TNCS horizontal merger by adopting the real option approach is analyzed. The merger investment opportunity held by a firm serves as a call option. By using the option pricing theory, the value of option for M&A is analyzed, and the optimal critical price of M&A is obtained.