兼并收购中目标企业价值评估的期权定价分析

Option Pricing Analysis on Value Appraisal of the Target Enterprise in Mergers and Acquisitions

企业购并中,由于并购协同效应的影响,目标企业价值将得到提高,这部分价值增量可看成是基于净资产价值的看涨期权,因此,可用期权定价模型对目标企业价值进行估计。本文突破了传统的定价模型,将期权概念引入目标企业的价值评估中,从而通过对布莱克—肖尔斯期权定价模型进行修正对其估价,并提出了交易价格合理与否的判断标准。

The value of the target enterprise will increase after M&A because of the synergic effect and the premium can be viewed as a call option on the net assets . So the Option Pricing Model can be applied to the evaluation of the target enterprise. In the paper, the Black-Scholes Option Pricing Model is introduced, which provides a standard to judge whether the trading price is reasonable.