【摘要】：并購作為一種戰(zhàn)略投資手段，是控制增量、優(yōu)化存量的有效途徑。對(duì)目標(biāo)企業(yè)價(jià)值的評(píng)估是并購行為的核心工作，只有合理的估值，才能保證并購行為的順利完成。 并購這種戰(zhàn)略投資行為，具有不可逆性和不確定性，符合實(shí)物期權(quán)特征。本文針對(duì)三種基本評(píng)估方法在評(píng)估企業(yè)價(jià)值時(shí)存在不能量化不確定性帶來的風(fēng)險(xiǎn)收益的缺陷，提出實(shí)物期權(quán)理論在并購評(píng)估企業(yè)價(jià)值中的應(yīng)用。 首先，介紹選題的背景和意義、國內(nèi)外發(fā)展現(xiàn)狀、闡述本文的研究思路和研究內(nèi)容。其次，介紹并購理論、實(shí)物期權(quán)理論、并購中的實(shí)物期權(quán)理論、三種基本評(píng)估方法的優(yōu)缺點(diǎn)及與實(shí)物期權(quán)方法的比較，分析了并購過程中的實(shí)物期權(quán)特征和類型。再次，，介紹實(shí)物期權(quán)方法的兩種基本定價(jià)模型：B-S模型和二叉樹定價(jià)模型。二叉樹模型基礎(chǔ)上分析三叉樹模型思想，并比較了三種模型的優(yōu)缺點(diǎn)。第四章建立本文并購定價(jià)模型，先是應(yīng)用自由現(xiàn)金流量兩階段折現(xiàn)模型進(jìn)行估算目標(biāo)企業(yè)自身的價(jià)值；然后以企業(yè)自身的價(jià)值作為計(jì)算實(shí)物期權(quán)價(jià)值的標(biāo)的資產(chǎn)價(jià)值，應(yīng)用B—S模型計(jì)算企業(yè)自身的期權(quán)價(jià)值和并購本身的期權(quán)價(jià)值；應(yīng)用三叉樹定價(jià)模型計(jì)算并購后期權(quán)的價(jià)值。最后，以王府井百貨并購春天百貨的實(shí)際案例，應(yīng)用模型計(jì)算目標(biāo)企業(yè)的價(jià)值，并與已知的結(jié)果進(jìn)行分析比較，驗(yàn)證模型的可行性。
[Abstract]:As a strategic investment means, M & A is an effective way to control the increment and optimize the stock. The evaluation of the value of the target enterprise is the core work of M & A behavior. Only a reasonable valuation can ensure the smooth completion of M & A behavior. M & A strategic investment behavior is irreversible and uncertain, in line with the characteristics of real options. In view of the defects of three basic evaluation methods in evaluating the value of enterprises, this paper puts forward the application of real option theory in the evaluation of enterprise value by real option theory, which can not quantify the risk and return caused by uncertainty. First of all, this paper introduces the background and significance of the topic, the development status at home and abroad, and expounds the research ideas and contents of this paper. Secondly, it introduces the M & A theory, the real option theory in M & A, the advantages and disadvantages of the three basic evaluation methods and their comparison with the real option method, and analyzes the characteristics and types of real options in the process of M & A. Thirdly, two basic pricing models of real option method are introduced: B 鈮

本文編號(hào)：2498768