【摘要】 针对不确定环境下以拍卖方式交易的企业资产剥离时机选择问题,构建以对称独立私人估价拍卖博弈(SIPV)刻画交易收益,并以资产价值剥离临界值为决策变量的实物期权决策模型,证明其解存在且唯一。数值分析显示,剥离交易的买方越多,其对剥离资产估值上限越高,则剥离临界值越高,资产剥离的期权价值越大。资产价值波动率越高,则剥离临界值越低,资产剥离的期权价值越大。更多还原

【Abstract】 Concerning the opportunity of corporate decisions on asset divestiture conducted through auction in an uncertain condition,the paper established a ROA model which described auction transaction by an SIPV auction game model,and proved the existence and uniqueness of the solution.Numerical analysis shows that the increase of asset volatility have positive and negative effect on asset divestiture option value and the critical asset value respectively,while the increase of asset drift rate have the opposite effect. The number of buyer and their estimated value of the asset have positive effect on both asset divestiture option value and the critical asset value.更多还原