论文标题:基于实物期权理论的目标企业定价研究
Study on Pricing of Aim Company Based on Real Option Theory
论文作者
论文导师 肖振红,论文学位 硕士,论文专业 管理科学与工程
论文单位 哈尔滨工程大学,点击次数 156,论文页数 83页File Size4321K
2007-05-01论文网 http://www.lw23.com/lunwen_1343622/
Merger and Acquisition (M&A);; Real Option;; Pricing of Target Firm
企业并购是经济全球化发展的必然趋势，并购活动可以使得并购企业取得规模经济、快速扩张和降低经营风险。同时，可以推动社会的产业结构调整、优化资源配置，提高经济的整体竞争能力。 并购是一个非常复杂的过程，而并购的核心问题就是目标企业定价，因此目标企业定价往往成为了并购成败的关键。随着并购的不断发展，特别是战略并购的出现，投资机会的不确定性就越来越大，传统的目标企业定价方法不能完全满足定价的需要，因此，迫切需要一种新的目标企业定价方法的出现。而实物期权方法可以估计有期权特性的资产的价值，重点考虑了选择权或不同的投资机会所带来的不确定性创造的价值。 本文的主要研究工作是，对传统的目标企业定价方法的介绍的基础上，分析了传统目标企业定价方法的局限性，指出了运用实物期权定价方法的可行性和先进性，然后在分析现有目标企业实物期权定价缺陷的基础上，指出了本文改进的方向，接着在重点分析并购中实物期权的识别与选择的基础上，针对财务型并购和战略性并购的不同特点，分别建立了基于实物期权理论的目标企业定价模型，完善了目标企业实物期权定价的研究成果。同时，还介绍了目标企业实物期权定价方法的应用条件、应用难点和注意事项。最后，对建立的模型进行了实证分析，并与传统定价方法进行比较，验证了基于实物期权理论的目标企业定价模型的先进性。
M&A is inevitable trend of development of economic globalization, by which enterprise can acquire large-scale production and reduce the business risk. Meanwhile, it can also promote adjustment of the industrial structure, optimize resource distribution of the society, and improve competitive power of the whole economic. The process of M&A is very complex and the key problem is Pricing of Target Company, thus it determine whether the M&A success or not. As the growing of M&A, especially the appearance of strategic M&A, the uncertainty of investment opportunity is becoming bigger and bigger. Real option is a method using option pricing model to appraise assets with option characteristics and it perfects the evaluation theory. This thesis"s main content including the following parts: fist, analyzed the traditional Pricing of Target Firm, concluded its shortcoming and put forward the pricing of real option method. Then this thesis discussed the flaw of the existing option pricing model of Target Firm and pointed the direction of improvement. After that it put emphasis upon analyzing the recognition and choose of real option in M&A, according to the difference between financial M&A and strategic M&A, established different Pricing of Target Firm model to them based on pricing of real option. At the same time, it analyzed the application conditions and application difficulties and matters needing attention of real option pricing of Target Firm. Finally, we approved that the established model is true through an example and comparison with traditional method.
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