实物期权及其在企业价值评估中的应用

Real Option and Its Application in the Value Evaluation

企业价值是企业在市场中交易定价的基础,企业在其发展过程中会面临很多投资机会或选择,这些投资机会或选择权是有价值的,然而传统企业价值评估方法仅考虑企业资产现值和未来收益现值,而忽视未来投资时机的最优选择问题。实物期权恰恰是对传统评估方法有益的补充,本文通过对典型实务期权计算模型的应用分析,说明如何利用实物期权模型进行企业价值评估,为企业提供一种新的思路和方法。

Value of the business is the basis for enterprise in transaction pricing. In the development process, enterprises will face many investment opportunities or choices. These investment opportunities or choices are valuable. However, the traditional business valuation methods consider only the present value of corporation assets and the present value of future benefits, while ignoring the optimal timing of future investment choice. Real option is a precisely useful supplement to the traditional assessment methods. In this paper, we will illustrate how to use real option model to do business evaluation, base on the application analysis of typical calculation model of real option. This isa new idea for the enterprises.