摘要
西方投资者正在逐渐将实物期权方法运用到跨国并购等重大投资决策中去,并已经成为价值评估中的主流方法。文章阐述了国内外跨国并购的发展趋势,试图利用实物期权定价方法,探讨如何将这些方法运用到我国跨国并购的价值评估和战略决策的实践中去,以便为我国企业进行海外并购科学合理地进行决策提供依据。
In western countries, real option has been widely used in enterprises’ investment strategies in multinational mergers & acquisitions (M&A). It has become one of the main valuation methods. After analyzing the trend in China’s multinational M&A, the writer tries to study how to make the real option valuation methods implemented in practice by Chinese overseas investors. The final objective is to provide some reasonable foundation for the multinational M&A strategy of Chinese enterprises in the future.
出处
《财经研究》
CSSCI
北大核心
2005年第4期112-121,共10页
Journal of Finance and Economics
关键词
跨国并购
实物期权
定价
multinational M&A
real option
valuation
