实物期权理论在M&A项目投资决策中的应用

Application of Real Option Theory on Decision-making of M&A Project Investment

实物期权思维方法是当代管理领域的核心思想之一。基于此方法的合理性和先进性,在系统分析企业并购(M&A)项目投资决策特性的基础上,建立了基于实物期权的M&A项目评价方法的分析体系,并结合实例验证了实物期权评价方法在进行此类项目投资评价时的优越性,为企业进行M&A项目战略投资提供了一个新的视角和思维方法。

Real option is one of the core methods for contemporary management. Due to the rationality and achievements of the method, this article established the analysis system which was based on the M＆A project evaluation methods of real options on the strength of the systematic analysis of mergers and acquisitions （M＆A） project characteristics of the investment decision - making, and also demonstrated the superiority of real option evaluation method in making such investment projects by case studies. It was intended to provide a new perspective way of thinking for the enterprises＇ strategic investment in M＆A project.