【作者】 任德平；

【导师】 马超群；

【作者基本信息】 湖南大学 ， 管理科学与工程， 2003， 硕士

【摘要】 随着世界经济发展全球化趋势日益明显，各国企业面临着越来越复杂的竞争环境。为了适应激烈的竞争环境，越来越多的企业会运用兼并与收购战略力求迅速发展壮大。由于在兼并与收购战略中对目标企业定价是一个核心问题，也是一个急需改进的问题，所以本文尝试采用一些新的方法来对目标企业进行定价，期望能克服传统定价方法的不足。 本文首先对传统的目标企业定价方法进行概括和总结，并指出了传统目标企业定价方法的一些缺陷。接着分析了在企业并购中影响目标企业实物期权价值的各种要素，着重研究了隐含在其中的实物期权原理，并且将实物期权的原理具体应用到目标企业的定价中，利用实物期权定价从金融及并购市场上获取有关信息的特点，来为目标企业定价。然后本文建立了一个基于波动率分析的目标企业实物期权定价模型，以解决贴现方法中贴现率过于主观化的问题。最后本文利用实物期权动态复制的思想，在期权构造的基础上，立足于实物期权解决过程，对投资型并购中的实物期权进行了分析，提出了合理估计目标企业“并购溢价”的方法，在资产定价的基础上建立了目标企业的定价模型。应用分析表明：充分利用金融及并购市场的信息来为目标企业定价，能有效解决目标企业价值被高估或低估的情形。上述两模型从不同的角度对并购投资中的实物期权进行了研究，并指出了在企业并购中利用实物期权来衡量和控制并购风险的重要意义。更多还原

【Abstract】 To survive and develop in today’s tough and competive marketing enviroment, more and more enterprises would probably adopt the strategies of acquisition and merger. Therefore, this paper focuses on a core issue in acquisition- acquired corporation pricing and attempts to present some new pricing methods for acquired corporation.This paper initially reviewed and summarized some previous prevalent pricing methods and analyzing some currently prevalent pricing methods and their features. Then this paper lay particular emphasis on the various value factors and how they influence the pricing process of acquired corporation. Subsequently, this paper studied on the implicit theory of real option. In light of acquired corporation pricing this paper adopt the theory of real option and make use of its advantage of securing information from the financial market. This paper propose the implied fluctuation rate-based pricing model which avoid the subjectivity of conversion rate by means of discount. After analyzing several examples, the paper presents that taking advantage of the information from the financial and acquisition market able acquired corporation pricing to effectively avoid over or undervaluation. Taking dynamic duplication of real option into consideration, this paper analyze the real option in investment-based acquisition and present the method of "acquisition premium" for reasonable assessment of acquired corporation, based upon which valuation model of acquired corporation was established. The two models mentioned above make studies on the real option in acquisition investment from different angles and point out the significance of the real option in measuring and controlling acquisition risks.更多还原