基于期权博弈的估值调整机制中企业估值研究

发布时间：2018-01-25 16:31

本文关键词： 估值调整机制企业估值期权博弈　出处：《郑州大学》2014年硕士论文　论文类型：学位论文

【摘要】：近年来,随着我国改革开放的不断深入、社会主义市场经济体制的逐步完善,大量外资陆续涌入国内,估值调整机制作为规避投资风险的一种工具,在各类投资活动中被广泛应用。估值调整机制对于完善我国资本市场,解决企业融资困难等方面具有重要意义。而估值调整机制能否成功应用,关键在于对融资企业期权价值评估是否科学合理,因此,企业估值方法是近年来该领域研究的热点问题。本文分为六个部分,主要运用期权博弈方法对估值调整机制中的企业价值评估方法进行研究。第一章,在对国内外文献进行整理归纳的基础上,规划出本文研究的核心内容以及研究框架,并对本文的研究背景和研究意义作了简要介绍。第二章,作为本文研究的理论基础,主要介绍估值调整机制相关理论、企业价值评估的理论与方法以及博弈论,为下文的研究奠定理论基础。第三章,本章分析了估值调整机制中离散型和连续型企业期权价值的计量方法,与此同时,构建并分析了投资方与融资方之间不完全信息以及完全信息两种情况下关于企业价值估值的轮流出价讨价还价博弈模型来研究估值调整机制中企业期权价值。第四章,本章仿真了一个应用案例,：并将本文研究的期权定价方法应用到这一案例中,验证了本文研究成果期权博弈理论在估值调整机制中企业期权价值评估实践中应用的可行性。第五章,探讨了我国应当采取哪些对策才能更好地发挥期权博弈理论应用在估值调整机制中企业价值评估时的作用。第六章,本章主要对全文的研究进行归纳总结,并指出论文中存在的一些不足之处以及对未来研究提出了几点展望。企业能否准确地评估和计量企业价值,这不仅是经济活动和管理决策的依据和前提条件,也是包括风险投资活动和实业投资等各类投资活动的关键问题。本文旨在借鉴国内外研究成果的基础上,针对当前中国企业运用估值调整机制的现状,系统梳理估值理论,试图找出估值调整机制中企业估值的定价方法,以期促进估值调整机制在我国投融资领域的应用和发展。
[Abstract]:In recent years, with the deepening of China's reform and opening up, the gradual improvement of the socialist market economic system, a large number of foreign capital poured into the country, valuation adjustment mechanism as a tool to avoid investment risks. It is widely used in all kinds of investment activities. The valuation adjustment mechanism is of great significance in perfecting the capital market and solving the financing difficulties of enterprises, and whether the valuation adjustment mechanism can be applied successfully. The key is whether it is scientific and reasonable to evaluate the option value of financing enterprises. Therefore, the method of enterprise valuation is a hot issue in this field in recent years. This paper is divided into six parts, mainly using the option game method to study the valuation adjustment mechanism of enterprise valuation methods. Chapter one, on the basis of the literature at home and abroad. The research background and significance of this paper are briefly introduced. The second chapter is the theoretical basis of this study. Mainly introduces the valuation adjustment mechanism related theory, the enterprise value appraisal theory and the method as well as the game theory, establishes the theoretical foundation for the following research. Chapter three. This chapter analyzes the valuation adjustment mechanism of discrete and continuous enterprise option value measurement methods, at the same time. This paper constructs and analyzes the alternative bidding bargaining game model on the valuation of firm value under the condition of incomplete information between investor and financier and complete information to study the value of enterprise option in valuation adjustment mechanism. Four chapters. This chapter simulates an application case: and applies the option pricing method studied in this paper to this case. This paper verifies the feasibility of applying the theory of option game in the valuation adjustment mechanism in the practice of evaluation of enterprise option value. 5th chapter. This paper discusses what countermeasures should be taken in China to better play the role of option game theory in the evaluation of enterprise value in the valuation adjustment mechanism. Chapter 6th, this chapter mainly summarizes the full text of the research. Some shortcomings in the paper and some prospects for future research are pointed out. Whether an enterprise can accurately evaluate and measure the value of an enterprise is not only the basis and prerequisite for economic activities and management decisions. It is also the key problem of all kinds of investment activities, such as venture capital activities and industrial investment. This paper aims to draw lessons from the domestic and foreign research results, aiming at the current situation of Chinese enterprises using valuation adjustment mechanism. This paper systematically combs the valuation theory and tries to find out the pricing method of the enterprise valuation in the valuation adjustment mechanism in order to promote the application and development of the valuation adjustment mechanism in the field of investment and financing in China.
【学位授予单位】：郑州大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F224.32

【参考文献】