摘要
随着实物期权理论研究的深入,对项目评估中复合期权的研究也有了很大发展。分拆上市作为企业的战略决策,包含了实物复合期权,因此使得分拆本身更具价值。采用动态规划方法对分拆上市进行了研究,并以此为基础进行了相关解释。
With the development of researches on real options, the compound real options embedded in investment valuation becomes an interesting issue for researchers. As a strategic decision, the equity carve-out contains compound real options, which enhances the value of itself. This paper adopts the method of dynamic programming to analysis ,introduces the models and makes some empiricl explanations.
出处
《价值工程》
2009年第3期61-66,共6页
Value Engineering
关键词
复合期权
动态规划
分拆上市
compound option
dynamic programming
equity carve-out
