企业并购的期权特征分析与定价研究

Real Options Character Analysis and Valuation in M&As

本文对企业并购的期权特征进行了详尽的分析,研究了并购中产生的实物期权的定价问题,对利用实物期权理论进行企业并购价值评估进行了一些初步的探索。

In this paper, the option characters in mergers and acquisitions are analyzed elaborately, and the valuation of those real options are studied, so this paper gives a primary probe on using the Real Option Theory on valuation in M&As.