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| 基于成长期权的企业并购价值评估方法 | |
| 引用本文： | 胡愈,许红莲,岳意定. 基于成长期权的企业并购价值评估方法[J]. 系统工程, 2006, 24(6): 97-99 |
| 作者姓名： | 胡愈 许红莲 岳意定 |
| 作者单位： | 1. 湖南商学院,湖南,长沙,410205;中南大学,商学院,湖南,长沙,410083 2. 湖南商学院,湖南,长沙,410205 3. 中南大学,商学院,湖南,长沙,410083 |
| 摘 要： | 针对传统评价方法在企业并购投资决策评价中的不足，从一个全新的视角引入实物期权的评价体系，弥补折现现金流法在面对企业经营灵活性时的固有缺陷，建立了企业并购价值评估的期权定价模型。最后，通过实例论述了如何应用该模型来评估企业并购价值，对实践中企业并购价值的舍理确定具有重要的指导意义。 |
| 关 键 词： | 企业并购 实物期权 成长期权 |
| 文章编号： | 1001-4098（2006）06-0097-03 |
| 收稿时间： | 2006-02-19 |
| 修稿时间： | 2006-02-19 |
Pricing Theory in the Evaluating the Value of CM&A Based on Growth Options Theory |
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| HU Yu,XU Hong-lian,YUE Yi-ding. Pricing Theory in the Evaluating the Value of CM&A Based on Growth Options Theory[J]. Systems Engineering, 2006, 24(6): 97-99 | |
| Authors: | HU Yu XU Hong-lian YUE Yi-ding |
| Affiliation: | 1. Hunan Business College,Changsha 410205,China; 2.School of Business,Central South University,Changsha 410083 |
| Abstract: | In this paper,aiming at the existing problems that those traditional Investment valuation methods in M&A face with,a new model based on growth options is put forward,as a remedy of the Discounted Cash Flow Method when it treats the operation flexibility.Then the option evaluation model for the value of CM&A is developed.Finally,a numerical exam ple is used to illustrated the use of the developed model,which can be the guiding ideology for the justified conformation of CM&A value. |
| Keywords: | Mergers and Acquisitions Real Options Growth Options |
| 本文献已被 CNKI 维普 万方数据 等数据库收录！ | |