【作者】 金戈； 朱卫东；

【Author】 JIN Ge,ZHU Wei-dong(School of Management of Hefei University of Technology,Hefei 230009,China)

【机构】 合肥工业大学管理学院；

【摘要】 在当今市场中,并购活动愈发频繁,而成功的并购需要建立在对目标企业的价值进行合理评估的基础上。并购中目标企业的价值往往具有不确定性,因此要考虑不同情况下企业的价值后作出投资决策。实物期权的理论为不确定情况下的投资决策提供了很好的依据,然而在应用实物期权时还应考虑具体投资活动的特征。在并购决策中,就需要根据并购活动的实物特征,对二叉树模型等期权定价方法作出相应的改进,并分析随着时间目标企业价值的变化及收购企业应采取的策略。更多还原

【Abstract】 Nowadays,the activities of merger and acquisitions become increasingly frequent,and a successful M&A need to be established on the base of reasonable assessment to the target company’s value.Considering the value of target corporation in different situations is required in decision making in M&As because of the uncertainty that the value of target corporation often have.The theory of real options provides a good basis for investment decisions under uncertainty,while the feature of specific investment activities is need to take into consider.Therefore,it is necessary to improve the option pricing method,such as binary tree model,under the real feature of M&As activities,and analyses the change of the value of target corporation over time and the corresponding tactics that the acquiring corporation should take.更多还原