本文選題：合資企業(yè)　切入點(diǎn)：實(shí)物期權(quán)　出處：《太原理工大學(xué)》2017年碩士論文

【摘要】：實(shí)物期權(quán)已經(jīng)不僅僅是一種定價(jià)的方式,它更是理解投資行為以及企業(yè)戰(zhàn)略的一種思維方式,它能夠更好的兼顧管理的彈性及柔性,更真實(shí)的反映管理的現(xiàn)實(shí)特點(diǎn)。而隨著技術(shù)的進(jìn)步,經(jīng)濟(jì)的全球化,合資企業(yè)成為企業(yè)進(jìn)行國際化發(fā)展的重要戰(zhàn)略之一。合資企業(yè)所面對(duì)的外部環(huán)境的極大不確定性以及自身的結(jié)構(gòu)特點(diǎn),使它具有明顯的實(shí)物期權(quán)特性。為了更好的應(yīng)用合資企業(yè)戰(zhàn)略,管理者要站在實(shí)物期權(quán)的角度來理解合資企業(yè),以實(shí)物期權(quán)這種全新的視角看待合資戰(zhàn)略。特別的,根據(jù)合資企業(yè)相關(guān)的基礎(chǔ)理論,企業(yè)實(shí)施合資戰(zhàn)略是為了降低交易成本亦或是實(shí)現(xiàn)企業(yè)間的資源互補(bǔ)亦或是通過戰(zhàn)略途徑提高企業(yè)的競爭力等。但是從企業(yè)本質(zhì)上來講,企業(yè)實(shí)施合資戰(zhàn)略就是實(shí)現(xiàn)自身利益的最大化。不管是合資企業(yè)的收購還是剝離等,所有的戰(zhàn)略動(dòng)機(jī)都是獲取最大化的利益。而合資雙方對(duì)合資企業(yè)的估值出現(xiàn)分歧,就會(huì)導(dǎo)致合資企業(yè)收購或剝離現(xiàn)在的出現(xiàn)。那么,通過構(gòu)建期權(quán)模型,對(duì)影響合資企業(yè)收購或剝離期權(quán)價(jià)值的相關(guān)因素進(jìn)行分析,間接的對(duì)合資企業(yè)的收購或剝離進(jìn)行分析,以期為企業(yè)進(jìn)行合資戰(zhàn)略提供理論指導(dǎo),就成為了本文的邏輯主線。本文首先通過對(duì)合資企業(yè)以及實(shí)物期權(quán)的研究發(fā)展現(xiàn)狀的梳理,發(fā)現(xiàn)了合資企業(yè)期權(quán)研究的不足,并根據(jù)多項(xiàng)式的期權(quán)定價(jià)模型以及合資企業(yè)自身的結(jié)構(gòu)特性,構(gòu)建了合資企業(yè)的收購或者剝離期權(quán)模型。再次通過數(shù)值分析的方法,分事前有無收購或剝離價(jià)格兩種情況,分別對(duì)影響合資企業(yè)收購或剝離期權(quán)價(jià)值的相關(guān)因素進(jìn)行分析,再得出相應(yīng)的結(jié)論并在各結(jié)論的基礎(chǔ)上對(duì)合資企業(yè)的收購或剝離進(jìn)行分析。最后將有無明確價(jià)格的合資企業(yè)收購或剝離進(jìn)行了對(duì)比分析,對(duì)初始合同是否含有明確期權(quán)條款進(jìn)行了探討并提出了設(shè)定合資合同的一些注意事項(xiàng)。通過本文的研究,不僅構(gòu)建了合資企業(yè)收購或剝離的期權(quán)模型,而且對(duì)影響合資企業(yè)收購或剝離期權(quán)價(jià)值的相關(guān)因素進(jìn)行了分析。通過分析發(fā)現(xiàn),由于期權(quán)價(jià)值因標(biāo)的資產(chǎn)結(jié)構(gòu)的改變而改變,合資企業(yè)的收購或剝離期權(quán)具有一些特有的屬性,具體的屬性在各具體章節(jié)都有歸納并形成了相應(yīng)的結(jié)論。同時(shí)站在這些特有的屬性的基礎(chǔ)上對(duì)合資企業(yè)的收購或剝離進(jìn)行了分析。本文旨在站在實(shí)物期權(quán)的視角,探究合資企業(yè)收購或者剝離的相關(guān)特性,以期為企業(yè)采用合資企業(yè)戰(zhàn)略提供指導(dǎo)。
[Abstract]:Real option is not only a way of pricing, but also a way of thinking to understand investment behavior and enterprise strategy. It can better balance the flexibility and flexibility of management. More realistically reflect the reality of management. And with technological progress, economic globalization, The joint venture has become one of the important strategies for the internationalization of the enterprise. The joint venture faces great uncertainty in the external environment and its own structural characteristics. In order to better apply the joint venture strategy, managers should understand the joint venture from the perspective of real options and view the joint venture strategy from the perspective of real options. According to the basic theory of the joint venture, the purpose of the joint venture strategy is to reduce the transaction cost or to realize the complementarity of resources among the enterprises, or to improve the competitiveness of the enterprise by strategic means. To implement a joint venture strategy is to maximize its own interests. Whether it is a joint venture acquisition or a divestiture, all strategic motives are to maximize the benefits. The valuation of the joint venture is divided between the two parties. This will lead to the emergence of joint venture acquisition or divestiture. Then, by constructing an option model, we analyze the relevant factors that affect the value of the joint venture acquisition or divestiture option, and indirectly analyze the acquisition or divestiture of a joint venture. In order to provide theoretical guidance for the joint venture strategy, it has become the logical thread of this paper. Firstly, through combing the research and development status of joint venture and real options, we find the deficiency of joint venture option research. According to the polynomial option pricing model and the structural characteristics of the joint venture itself, this paper constructs the acquisition or divestiture option model of the joint venture. The relevant factors affecting the value of joint venture acquisition or divestiture options are analyzed respectively. Then we draw the corresponding conclusions and analyze the joint venture acquisition or divestiture on the basis of each conclusion. Finally, we make a comparative analysis of the joint venture acquisition or divestiture with or without a definite price. This paper discusses whether the initial contract contains explicit option clause and puts forward some matters needing attention in establishing the joint venture contract. Through the research of this paper, not only the option model of joint venture acquisition or divestiture is constructed, but also the option model of joint venture acquisition or divestiture is constructed. The paper also analyzes the relevant factors that affect the value of joint venture buyout or divestiture options. Through the analysis, it is found that the value of option changes with the change of underlying asset structure. The acquisition or divestiture option of a joint venture has some unique attributes, The specific attributes are summed up in each specific chapter and the corresponding conclusions are formed. At the same time, on the basis of these special attributes, the joint venture acquisition or divestiture is analyzed. To explore the relevant characteristics of joint venture acquisition or divestiture, in order to provide guidance for the adoption of joint venture strategy.
【學(xué)位授予單位】：太原理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F224;F276.43;F271

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 薛晉潔;史本山;;合資企業(yè)的社會(huì)困境:交易成本理論新解與實(shí)證檢驗(yàn)[J];商業(yè)經(jīng)濟(jì)與管理;2016年03期

2 劉素;陳志軍;蔡地;;對(duì)等股權(quán)下股東控制關(guān)系的動(dòng)態(tài)變化——基于海信日立合資公司的案例研究[J];中國工業(yè)經(jīng)濟(jì);2014年06期

3 趙龍凱;岳衡;矯X;;出資國文化特征與合資企業(yè)風(fēng)險(xiǎn)關(guān)系探究[J];經(jīng)濟(jì)研究;2014年01期

4 崔淼;歐陽桃花;徐志;;基于資源演化的跨國公司在華合資企業(yè)控制權(quán)的動(dòng)態(tài)配置——科隆公司的案例研究[J];管理世界;2013年06期

5 吳崇;胡漢輝;;基于實(shí)物期權(quán)視角的企業(yè)國際化研究進(jìn)展評(píng)析與趨勢展望[J];外國經(jīng)濟(jì)與管理;2012年04期

6 梁偉;王守清;;實(shí)物期權(quán)在城市軌道交通PPP項(xiàng)目決策中的應(yīng)用[J];工程管理學(xué)報(bào);2012年02期

7 鄧成超;陳學(xué)梅;胡大江;;基于學(xué)習(xí)效應(yīng)的國際合資企業(yè)的穩(wěn)定性分析[J];探索;2011年02期

8 朱秀麗;邱菀華;;基于實(shí)物期權(quán)的鐵路地下化項(xiàng)目PPP模式投資決策分析[J];系統(tǒng)工程;2011年03期

9 黃生權(quán);陳操;;基于非完全信息期權(quán)博弈的企業(yè)并購決策時(shí)機(jī)研究[J];企業(yè)家天地下半月刊(理論版);2009年11期

10 湯谷良;夏怡斐;;母公司文化控制力:中外合資企業(yè)文化陳述的差異與融合——基于中外合資汽車公司的多案例比較[J];管理世界;2009年S1期

相關(guān)碩士學(xué)位論文 前1條

1 劉相芳;基于博弈的實(shí)物期權(quán)定價(jià)方法研究[D];西安理工大學(xué);2005年

，

本文編號(hào)：1686006