竞争条件下并购价值的实物期权分析

An Analysis on Enterprise Valuation in M&As Using Real Options Method under Competition

研究并购企业之间存在竞争情况下并购的实物期权价值,对并购投资机会的预期竞争进入对期权价值的影响进行了敏感性分析。通过无竞争条件下和竞争条件下两种情况的对比分析,可以看出,如果并购企业没有考虑成长期权中的预期竞争损失,就很可能高估了并购的实物期权价值。竞争条件下并购价值的实物期权分析对目前我国经济发展中的企业并购有着很好的借鉴意义。

In this paper, we analyze enterprise valuation in M＆As using the real option theory under competition, consider the infection that the prelatic competition bring corporate valuation and give the susceptivity analyse combined with cases. Comparing conditions betweem exiting competition with not exiting competition, we come to conclusion that we can overrate the enterprise valuation if not considering the prclatic competition. This paper will be helpful to M＆As now in China.