Black-Scholes期权定价模型在石油企业并购中的应用

Application of Black-Scholes option evaluation model to the mergers and acquisitions in petroleum enterprises

企业并购的性质具有类似于期权的性质,价值评估是企业并购成败的关键环节.阐述企业并购的期权特征,介绍了Black-Scholes期权定价模型及修正方法.通过实例,论述Black-Scholes期权定价模型在石油企业并购中的应用,并介绍该模型存在的局限性,这对石油企业并购时的价值评估具有指导意义.

Valuation is a key factor in M and A's success.There are many methods to evaluate the value of the target enterprises.The characteristics of M and A is similar to option.This paper clarifies the option characteristics of M & A,and recommends the Black-Scholes option evaluation model.Finally,an example is used to illustrate the use of this model to assess M & A in petroleum enterprises.This paper also pinpoints some limitations of the Black-Scholes option model.