【摘要】 针对并购投资决策具有的延迟期权特征,采用二叉树定价模型、收益贴现法和不确定规划方法建立了基于延迟期权的企业并购投资决策模型,为并购投资决策的时机选择问题提供了一种解决思路。更多还原

【Abstract】 Based on the option to defer characteristic of M&A investment decision, this paper sets up corporation M&A investment decision model based on the option to defer using binomial options pricing model, revenue discounted method and uncertain programming approach. It provides a solution for M&A investment decision. This model proposes that the purchasing side should adopt the program that can maximize the strategic net present value, which is the sum of the net present value of M&A investment revenue and the present value of the option to defer owned by the purchasing side.更多还原