| 基于实物期权的并购企业价值评估模型与应用 |
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| 引用本文： | 侯汉坡,邱菀华.基于实物期权的并购企业价值评估模型与应用[J].系统管理学报,2005,14(1):11-16. |
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| 作者姓名： | 侯汉坡 邱菀华 |
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| 作者单位： | 北京航空航天大学,经济管理学院,北京,100083 |
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| 基金项目： | 国家自然科学基金资助项目(70372011)，航空科学基金资助项目(03J51057) |
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| 摘 要： | 针对企业并购过程中被收购公司价值评估难题,引入实物期权理论,分析被收购企业的现有业务价值与战略协同价值。给出战略收购行为中现有业务价值的Black-Sholes期权定价模型和战略协同价值的模糊二项式期权定价模型。通过应用实例对模型进行验证,模型运算结果基本符合企业实际状况,有助于企业战略并购决策的科学性。
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| 关 键 词： | 战略并购 模糊数 实物期权 战略协同 增长期权 |
| 文章编号： | 1005-2542(2005)01-0011-06 |
| 修稿时间： | 2003年11月24 |
Method and Application of Enterprise Value Evaluation in M＆A Based on Real Options |
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| HOU Han-po,QIU Wan-hua.Method and Application of Enterprise Value Evaluation in M＆A Based on Real Options[J].Systems Engineering Theory·Methodology·Applications,2005,14(1):11-16. |
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| Authors: | HOU Han-po QIU Wan-hua |
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| Abstract: | Aimed at shortage of the research to the difficult problem of enterprise value evaluation in M&A, real options theory is applied into enterprise value of M&A. Then, Black-Sholes real option model for current operation value and fuzzy binomial tree model for synergy value are put for the first time to enterprise strategic M&A. At last, a practical example is presented to validate the given models. The result of model is in accord with the actual situation of enterprise, and the model helps the scientific enterprise strategic M&A decision-making. |
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| Keywords: | strategic M&A fuzzy figure real option strategic synergy growth option |
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