实物期权理论在企业并购量化计算中的应用研究——以可口可乐并购汇源果汁为例

Application Research of Real Option in Synergy Valuation of M&A——With the M&A Case of Coca-Cola Company and Huiyuan Juice Group Limited

兼并收购是企业快速扩张的一种普遍选择,企业进行并购的主要目的之一是获得协同效应。若能在并购之前对协同效应予以准确量化,就可避免支付过高溢价,从而对企业的并购实践具有重要指导作用。文章结合可口可乐与汇源果汁并购案,运用实物期权方法对该并购可能产生的协同效应进行预测,并进一步推论,认为一般情况下,协同效应不应超过目标企业在并购前的市值。

M＆A is the main choice for enterprises to grow rapidly and the main aim for M＆A is to get the synergy. If the acquiring enterprise can forecast the magnitude of the synergy in advance, overprice can be prevented, which is very important in the practice of M＆A. With the M＆A Case of Coea-Cola Company and China Huiyuan Juice Group Limited happed in September 2008 and vetoed in March 2009, real option theory has been used to forecast the magnitude of the synergy that maybe realized after this M＆A, then a conclusion has been made that the synergy should not exceed the market value of the target enterprise.