發(fā)布時(shí)間：2018-12-27 10:12

【摘要】：在市場競爭日趨激烈的今天,并購是企業(yè)增強(qiáng)自身競爭力,實(shí)現(xiàn)自身發(fā)展的重要方法。作為企業(yè)的一項(xiàng)長遠(yuǎn)戰(zhàn)略投資,并購的決策過程具有很大的不確定性與不可逆性,傳統(tǒng)的企業(yè)并購決策往往忽視了這些不確定性和不可逆性,進(jìn)而導(dǎo)致其決策不是最優(yōu)的。實(shí)物期權(quán)注重對(duì)投資決策的不確定性進(jìn)行管理,將實(shí)物期權(quán)方法引入企業(yè)并購決策中,有助于幫助企業(yè)決策者進(jìn)行正確全面的分析問題,作出最佳的決策。 本文首先對(duì)農(nóng)業(yè)企業(yè)的概念、特征等方面進(jìn)行了簡介,然后對(duì)傳統(tǒng)的企業(yè)并購決策理論進(jìn)行了概述,詳細(xì)的介紹了并購的概念、形式、動(dòng)因以及現(xiàn)金流量貼現(xiàn)法、時(shí)點(diǎn)價(jià)值評(píng)估法、相當(dāng)價(jià)值評(píng)估法等傳統(tǒng)并購價(jià)值評(píng)估的方法,并對(duì)它們進(jìn)行了橫向的比較,指出各種方法的優(yōu)點(diǎn)和不足,為將實(shí)物期權(quán)方法引進(jìn)企業(yè)并購決策中的必要性打下了現(xiàn)實(shí)基礎(chǔ)。然后詳細(xì)介紹了期權(quán)和實(shí)物期權(quán)的概念及分類,實(shí)物期權(quán)的特點(diǎn)和作用,為將實(shí)物期權(quán)方法引進(jìn)企業(yè)并購決策中的必要性打下了理論基礎(chǔ)。接著對(duì)企業(yè)并購中的實(shí)務(wù)期權(quán)特征進(jìn)行了分析,證明把實(shí)物期權(quán)方法引進(jìn)企業(yè)并購決策中具有可行性。接著介紹了如何利用實(shí)物期權(quán)的方法對(duì)企業(yè)并購進(jìn)行價(jià)值評(píng)估、風(fēng)險(xiǎn)管理和戰(zhàn)略管理。最后在一個(gè)案例對(duì)農(nóng)業(yè)企業(yè)并購決策進(jìn)行了實(shí)物期權(quán)方法的運(yùn)用。 由于企業(yè)并購決策具有靈活性,標(biāo)的資產(chǎn)價(jià)值具有波動(dòng)性,并購的風(fēng)險(xiǎn)和收益具有不對(duì)稱性,并購過程包含著多種實(shí)物期權(quán),而傳統(tǒng)企業(yè)并購?fù)顿Y決策方法隱含著一系列理想化的假設(shè),認(rèn)為投資環(huán)境是確定的,投資成本是可逆的,投資收益率是可預(yù)測的,進(jìn)而企業(yè)可以采取剛性的決策準(zhǔn)則,忽略了企業(yè)投資環(huán)境的復(fù)雜性,技術(shù)、市場的不確定性以及投資的不可逆性,因此傳統(tǒng)的企業(yè)并購決策理論都不能很好的指導(dǎo)企業(yè)并購決策。而以實(shí)物期權(quán)理論為基礎(chǔ)的企業(yè)并購?fù)顿Y決策,將金融期權(quán)方法應(yīng)用于項(xiàng)目投資實(shí)踐,投資不確定性以及投資成本的不可逆性得到充分考慮,使得決策者通過延時(shí)決策最大化企業(yè)價(jià)值。本文的研究一定程度上更新了傳統(tǒng)的投資決策觀念,為企業(yè)戰(zhàn)略投資者和高層管理人員提供了理論基礎(chǔ)和新的思路。
[Abstract]:In the increasingly fierce market competition, M & A is an important method for enterprises to enhance their own competitiveness and achieve their own development. As a long-term strategic investment of enterprises, the decision-making process of M & A has great uncertainty and irreversibility. The traditional decision of M & A often ignores these uncertainties and irreversibility, which leads to the decision is not optimal. Real options pay attention to the uncertainty management of investment decision. It is helpful to help the decision makers to analyze the problem correctly and comprehensively and make the best decision by introducing the real option method into the M & A decision. In this paper, the concept and characteristics of agricultural enterprises are introduced, then the traditional theory of M & A decision is summarized, and the concept, form, motivation and cash flow discount method of M & A are introduced in detail. Time point value evaluation method, equivalent value evaluation method and other traditional M & A valuation methods are compared horizontally, and the advantages and disadvantages of various methods are pointed out. It lays a realistic foundation for the necessity of introducing real option method into M & A decision. Then, the concept and classification of option and real option are introduced in detail, and the characteristics and functions of real option are introduced in detail, which lays a theoretical foundation for the necessity of introducing real option method into enterprise M & A decision. Then it analyzes the characteristics of practical options in M & A, and proves that it is feasible to introduce the real option method into M & A decision. Then it introduces how to use real options to evaluate the value of M & A, risk management and strategic management. Finally, in a case, the real option method is applied to agribusiness M & A decision. Because of the flexibility of enterprise M & A decision, the volatility of the underlying asset value, the asymmetry of the risks and benefits of M & A, the process of M & A includes many real options. However, a series of idealized assumptions are implied in the traditional decision-making method of M & A investment, which holds that the investment environment is determined, the investment cost is reversible, the investment return rate is predictable, and the firm can adopt rigid decision criteria. The complexity of enterprise investment environment, the uncertainty of technology, market and the irreversibility of investment are ignored, so the traditional decision theory of M & A can not guide the decision of M & A. Based on the real option theory, the financial option method is applied to the project investment practice, the uncertainty of investment and the irreversibility of investment cost. It makes the decision maker maximize the enterprise value through the delay decision. To some extent, the research in this paper has updated the traditional concept of investment decision-making and provided a theoretical basis and a new way of thinking for strategic investors and senior managers.
【學(xué)位授予單位】：中南林業(yè)科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F324;F271

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本文編號(hào)：2392907