摘要
并购是扩大企业规模、提升企业核心竞争力的重要途径,而要实施成功的并购,正确计算目标企业的价值是关键。文章针对传统价值评估方法的不足,研究了一种新兴的价值评估方法—实物期权在企业并购中的应用意义,并结合企业并购的实物期权特征与实际的案例分析,研究探讨了如何将实物期权理论应用于国内企业并购的价值评估中,以期为并购双方正确认识企业并购过程中所蕴含的实物期权价值提供有意义的参考。
Acquisition is considered as an important way to achieve the expansion of enterprises and enhance their core competitiveness. Thus, correct evaluation of the value of a target enterprise is of great importance to realize a successful acquisition. This paper, beginning with a careful analysis of the deficiency of the traditional evaluating methods, proposes a new evaluating tool： Real Options. To help the involved two parties correctly understand how the theory works in the evaluating system of the merger of domestic enterprises, this paper also provides a case study, which is aimed to serve a meaningful reference.
出处
《改革与战略》
北大核心
2008年第6期79-80,共2页
Reformation & Strategy
关键词
实物期权
并购
real options
acquisition
