管理层收购中企业价值的确定及其评估模型

运用实物期权理论研究管理层收购中企业价值评估的模型和整体思路，提出从交易双方的角度分别对企业的自身价值和投资价值进行评估，两者构成企业的价值区间。管理层收购中企业的自身价值由企业的现实资产价值和期权价值构成，企业的投资价值由企业的自身价值和由于管理层收购的实物期权特征与管理成本节约及战略整合效应而产生的收购增加价值构成。管理层收购的期权价值利用复合实物期权模型计算，管理成本节约及战略整合效应利用改进的折现现金流法计算。最后，提出基于实物期权方法的管理层收购中企业价值评估的整体框架。

The Evaluation Model of Corporation Valuation in MBO

The paper puts forward the model and thought of corporation valuation in MBO based on real option theory, we should evaluate both the self value and the investment value of the corporation from the different angles of seller and buyer, which constitute the value range of corporation. The self value includes real assets value and its option value. The investment value includes self value, real option value and value of management cost thrift and strategic conformity effect. The option value can be calculated by the using of compound real option model. The value of management cost thrift and strategic conformity effect can be calculated through the use of improved discounted cash current model. In the end, the paper brings forward the whole framework of corporation valuation in MBO based on real option theory.