摘要
本文利用实物期权方法研究并购中目标企业的价值评估模型,认为并购中目标企业的价值不仅包括目标企业自身的价值,还应包括由于并购的实物期权特征和协同效应产生的目标企业相对于并购企业的附加价值。目标企业自身的价值由传统的折现现金流法计算,并通过实物期权理论调整。并购附加价值分别由实物期权理论方法、由改进的折现现金流法和专家打分法计算和分配。
This paper studies on objective corporation valuation in M&A using real option theory. It concludes that the value of an objective corporation in M&A includes not only the value itself, but also its additional value. The value of objective corporation itself can be calculated by traditional firm valuation methods and then adjusted by real option theory. The additional value can be computed by real option theory methods, calculated by improved discounted cash flow method and allocated by specialist marking methods.
出处
《经济管理》
CSSCI
北大核心
2005年第16期32-38,共7页
Business and Management Journal ( BMJ )
基金
西安理工大学科学研究基金 A 类项目"并购中基于实物期权的非上市企业价值评估"。
关键词
实物期权
并购
企业价值
real options
merger and acquisition
corporation valuation