实物期权法在东江环保收购案中的应用研究

发布时间：2018-04-07 15:43

本文选题：企业并购　切入点：企业价值评估　出处：《湘潭大学》2015年硕士论文

【摘要】：在经济全球化的进程中,企业在不断加速扩张资本,而企业并购为企业扩张资本提供了重要的途径。那么对目标企业的更精确的价值评估,成为了企业并购成败的关键环节。由于企业是对未来不确定性的投资,因而对于投资分析,引入实物期权是很必要的。纵观传统的评估理论和模型,包括自由现金流量贴现法,市场比较法等,被广泛运用在企业并购投资决策分析中,但是这些方法都是把产权交易看作一个时间点上的交易,没有考虑到决策延时性,会或多或少的低估了目标企业的价值,很容易造成错误的投资决策,因此目标企业并购中蕴含的期权的价值不可忽略。本文引入实物期权定价理论,使得价值评估结果更贴近真实值,进一步完善我国的企业并购价值评估的理论体系。本文首先阐述了研究背景和意义,接着进一步分析国内外对实物期权研究的现状进行分析,进而分析传统的企业价值评估理论,指出传统方法的不足和缺陷,进而引入实物期权定价法,并指出引入期权法不是对其他方法的否定,而是一种补充,与其他方法搭配使用,会使结果更加接近真实值。同时对实物期权的基本理论和常用模型(B-S,二叉树模型)进行说明。其次,运用案例进行实证分析,对东江环保收购新冠亿碳的背景、财务数据及期权战略进行分析,再次强调引入实物期权的必要性;然后,通过实物期权定价法与净资产估值法的结合,对东江环保收购新冠亿碳的股权价值的结果进行总结分析,进一步证明期权价值的有效性和可靠性。最后,客观地阐述了我国现阶段实物期权定价法的现状和存在的问题,同时针对性地提出相关建议。本文指明,并购中目标企业的价值应该由其自身的净价值和并购中隐含的不确定性产生的价值(期权价值)两部分构成。对于自身的价值,可以直接应用传统的定价估值方法,如净资产法、市场比较法(公司比较法)、贴现法等来评估。而对于期权价值则引入B-S模型进行评估。最后将两者相加,评估结果将更准确和真实。本文着重研究实物期权法在企业价值评估中的应用研究,目的并不是说期权法是对企业价值评估最好的方法,而去否定其他的评估方法,而是对其他传统方法更强有力的补充,若将实物期权与其他传统的评估估值方法互相配合使用,可以互补不足,让评估结果更加接近真实和准确。
[Abstract]:In the process of economic globalization, enterprises in accelerating the expansion of capital, mergers and acquisitions and expansion of capital for the enterprise provides an important approach. Then the value of a more accurate assessment of the target enterprise, has become the key to success or failure of mergers and acquisitions. Because the enterprise is the future uncertainty of investment, so the introduction of investment analysis. The real option is very necessary. The traditional assessment theory and model, including the free cash flow discount method, market comparison method, is widely used in the analysis of mergers and acquisitions investment decision-making in the enterprise, but these methods are all the property transactions as a point in time of the transaction, without taking into account the decision delay, more or less underestimate the value of the target enterprises, it is easy to cause the wrong investment decision, it contains the target enterprise's option value can not be ignored. This paper introduces the real option pricing The theory makes value evaluation results more close to the true value, the theoretical system of mergers and acquisitions to further improve the assessment of the value of the enterprises in our country. This paper first describes the research background and significance, then further analysis of the status quo of the real options research at home and abroad are analyzed, and the analysis of the traditional enterprise value assessment theory, pointed out the shortcomings and defects of traditional methods then, the introduction of real option pricing method, and points out that the law is not the option for other methods of denial, but a supplement, using collocation with other methods, will make the results closer to the true value. At the same time, the basic theory of real options and common model (B-S, two binomial tree model) is described. Secondly, the use of case analysis of Dongjiang environmental acquisition kuani carbon background, analysis of financial data and strategic options, once again stressed the need to introduce the real option; then, through Combination of option pricing and valuation method of net assets, the acquisition of new kuani carbon Dongjiang environmental equity value of summarizing the results of the analysis, further proved the validity and reliability of the option value. Finally, objectively analyzes the status quo of China's current real option pricing method and the existing problems, and targeted put forward the relevant suggestions. The paper points out that, from the target enterprise's value should be implied by their net value and the uncertainty in the value of mergers and acquisitions (option value) of two parts. For the value of their own, can be used directly for pricing the traditional valuation methods, such as net assets method, market comparison method (company method), discount method to evaluate the option value. The introduction of B-S model for evaluation. Finally, the two together, the assessment results will be more accurate and realistic. This paper focuses on the research of real option method in enterprise value Study on Application of objective assessment, is not to say that the option method is the best method to evaluate the enterprise value, and to deny the other methods of assessment, but to other traditional methods more powerful, if the real option and other traditional valuation methods used together with each other, can complement each other, make evaluation results more close to the real and accurate.

【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F271;D922.291.91

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