并购中基于期权模型的目标企业价值评估

Value Evaluating of an Objective Enterprise in M & A

在充分考虑并购特征的基础上引入期权理论,对传统贴现现金流(DCF)方法进行改进,建立了并购中目标企业的估价模型,认为并购中目标企业的价值应是并前目标企业DCF价值、期权价值、并购协同效应导致的并购溢价中目标企业创造的部分、并购期权价值和并后企业期权价值中并购企业愿意为其支付给目标企业的部分的总和。该模型为并购中目标企业定价提供了一种可行的思路和方法。

The option theory is introduced on the basis of full consideration of M & A features to improve traditional DCF(discounted cash flow) method,and the pricing model for objective enterprise in M & A is established. It is considered that the value of an objective enterprise in M & A should include its DCF value and option value before M & A, some parts of the excessive value caused by the effect of coordination of M & A created by the objective enterprise, total sum of parts of the option value of M & A and the enterprise existing after M & A that the M & A enterprise is willing to pay to the objective enterprise. This model can provide a kind of feasible thinking and method for the price fixing of an objective enterprise in M & A.