| 现金流量贴现法与实物期权法在并购定价中的应用探讨 |
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| 引用本文： | 王琳,张宪房.现金流量贴现法与实物期权法在并购定价中的应用探讨[J].价值工程,2012,31(32):164-166. |
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| 作者姓名： | 王琳 张宪房 |
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| 作者单位： | 1. 山东行政学院财会系,济南,250000
2. 山东行政学院财会系,济南250000;山东财经大学国际经济与贸易学院,济南250001 |
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| 基金项目： | 山东省软科学研究计划项目 |
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| 摘 要： | 通过分析现金流量贴现法和实物期权定价法在计量企业并购溢价方面的应用,指出由于现金流量贴现法具有"缺乏溢价计量独立性"的不足,所以现金流量贴现法不适用于企业并购的溢价的计量。而由于实物期权定价法成功地修正了现金流量贴现法的不足,考虑到企业并购后存在的不确定性所带来的价值。虽然该方法的假设前提在现实中难以完全同时实现,但是结合其他分析方法仍可有效的对并购定价中的溢价进行计量。
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| 关 键 词： | 并购 溢价 现金流量折现法 实物期权 |
Study on the Application of Measuring between DCF and Real Option in M&A |
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| WANG Lin
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ZHANG Xian-fang.Study on the Application of Measuring between DCF and Real Option in M&A[J].Value Engineering,2012,31(32):164-166. |
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| Authors: | WANG Lin ZHANG Xian-fang |
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| Institution: | ①WANG Lin;①②ZHANG Xian-fang(①Shandong Administration Institute Department of Finance and Accounting,Ji’nan 250000,China;②School of Economics & Trade,Shandong University of Finance and Economics,Ji’nan 250001,China) |
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| Abstract: | This paper analyzes the application of DCF method and real option method in measuring premium and reaches the conclusion that the DCF method does not apply to the measuring of premium in M&A,because the DCF method lacks independence of measuring premium.While the real option method emends the shortage of DCF method by considering the value of uncertainty after M&A.Although all hypotheses cannot be met simultaneously,it can be effectively used in measuring the premium in M&A in conjunction with other methods. |
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| Keywords: | M&A premium DCF method real option |
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