基于布莱克—斯科尔斯模型的实物期权方法在TY能源并购项目中的应用与研究

发布时间：2018-01-19 21:01

本文关键词： 城市燃气企业并购价值评估　出处：《山东大学》2015年硕士论文　论文类型：学位论文

【摘要】：面对日益竞争激烈的市场环境,现代企业为更好地生存,改善经营,提高管理水平、技术水平,产生规模经济效应,并购成为了当下企业发展的重要举措。并购是企业吸收合并优势产业,进行产业结构升级,合理配置资源、提高技术水平、管理水平的重要手段,同时也是企业扩大资产规模的重要方式。企业并购对于企业的持续健康经营是一把双刃剑,科学和正确的并购对企业发展是起积极作用的,促进企业持续健康的发展。而失败的并购活动对于企业的发展是有害的,往往企业的破产都是由失败的并购造成的。在并购活动中导致并购失败的原因有很多,但是并购目标企业的价值评估是其中一项重要原因。对目标企业价值估算不准确,溢价并购会导致企业生产经营成本增加,估值过低会导致竞争时丧失并购机会,所以根据企业的经营情况采用科学、合理地评估方法,估算企业价值成为了企业并购中的重点。目标企业价值评估是指并购中,并购企业与被并购企业根据并购目标与经营情况、市场情况进行科学地价值估算,为确定并购双方接受的交易价格提供依据。本文通过对国内外企业并购活动和并购理论的研究,在此基础上,介绍了企业评估四种方法,即资产法、市场法、收益法、实物期权法,分析了四种方法的优缺点和适用范围。并以TY能源收购HZ燃气为案例,采用四种评估方法对目标企业进行了价值评估,分析和比较了四种评估方法得到的结果。其中,由于城市燃气企业存续时间较长,企业增值空间较大,对目标企业进行价值评估时,不仅要对现实资产的价值进行评估,还应对机会价值进行评估即期权价值。
[Abstract]:In the face of increasingly competitive market environment, modern enterprises to better survive, improve management, improve the level of management, technical level, produce economies of scale effect. M & A has become an important measure for the development of enterprises. M & A is an important means for enterprises to absorb and merge superior industries, upgrade the industrial structure, allocate resources rationally, improve the level of technology and management. At the same time, it is also an important way for enterprises to expand the scale of assets. M & A is a double-edged sword for the sustained and healthy operation of enterprises, and scientific and correct M & A plays a positive role in the development of enterprises. The failure of M & A activities is harmful to the development of enterprises, and often the bankruptcy of enterprises is caused by failed M & A. there are many reasons for the failure of M & A activities. But the value evaluation of M & A target enterprises is one of the important reasons. Too low valuation will lead to the loss of M & A opportunities when the competition, so according to the business situation of the enterprise to adopt a scientific, reasonable evaluation method. Estimation of enterprise value has become the focus of M & A. objective enterprise value evaluation refers to M & A enterprises and M & A enterprises according to M & A objectives and operating conditions, market conditions to carry out scientific valuation. In order to provide the basis for determining the transaction price accepted by both parties, this paper introduces four methods of enterprise evaluation, namely, asset law and market method, through the study of M & A activities and M & A theories at home and abroad. Income approach, real options method, analyzed the advantages and disadvantages of the four methods and the scope of application. Taking TY energy acquisition of HZ gas as a case, four evaluation methods were used to evaluate the value of the target enterprises. The results obtained by four evaluation methods are analyzed and compared. Because the city gas enterprises exist for a long time and the value-added space of the enterprises is large, the value evaluation of the target enterprises is carried out. It is necessary not only to evaluate the value of real assets, but also to evaluate the value of opportunity, that is, option value.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F271;F426.2;F224

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