| 用期权定价模型评估企业并购的价值 |
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| 引用本文： | 彭斌,韩玉启.用期权定价模型评估企业并购的价值[J].价值工程,2004,23(4):87-89. |
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| 作者姓名： | 彭斌 韩玉启 |
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| 作者单位： | 南京理工大学经济管理学院,南京,210094 |
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| 基金项目： | 国家自然基金资助项目(79970115)。 |
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| 摘 要： | 针对传统企业并购价值评估模型的局限性,本文从期权的角度阐述了企业并购的期权特性,指出企业并购实质上相当于取得了一个看涨期权;并以连续支付红利的美式期权定价理论为基础,建立了企业并购价值评估的期权定价模型。最后,通过实例论述了如何应用该模型来评估企业并购价值,对实践中企业并购价值的合理确定具有重要的指导意义。
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| 关 键 词： | 企业并购 看涨期权 期权定价模型 |
Evaluating the Value of CM&A through Option Pricing Model |
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| Peng Bin, Han Yuqi.Evaluating the Value of CM&A through Option Pricing Model[J].Value Engineering,2004,23(4):87-89. |
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| Authors: | Peng Bin Han Yuqi |
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| Abstract: | Owing to the limit of the traditional evaluation model for the CM&&A value, this paper clarified the option characteristics of the CM&&A from the view of option and verified the CM&&A is regarded as the call option . Then the option evaluation model for the value of CM&&A is developed on the basis of the continuous dividend Ameri-option pricing theory. Finally, a numerical example is used to illustrated the use of the developed model, which can be the direct sense for the justified conformation of CM&&A value. |
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| Keywords: | CM&&A call option option pricing model |
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