【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。更多还原

【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.更多还原