公司购并中目标企业成长性期权价值计量模型

Growth option value of target companies in M&A

公司购并投资具有类似于金融期权的特征 .将Black Scholes金融期权模型运用于公司购并中目标企业成长价值的定量评估 ,将目标企业成长性期权价值计量问题转化为求一定条件下投资收益大于成本的概率问题和投资收益期望值的问题 ,建立了目标企业成长性期权价值的计量模型 ,并根据公司购并的规律与特点 ,对有关变量进行了修正与调整 。

Based on regulation of M&A and its characters, the paper transfers problem of assessing option value of target company into a problem of calculating the probability that the income of M&A investment is larger than that of the cost and the expect value of the income, and puts forwards a frame to assess the growth option value of target companies. A method to adjust the variables in the model is also proposed.