实物期权估值法在文化企业并购重组中的应用研究

发布时间：2018-02-13 15:42

本文关键词： 企业价值评估实物期权法文化企业并购重组　出处：《四川省社会科学院》2017年硕士论文　论文类型：学位论文

【摘要】：本文以实物期权理论为基础,以推进实物期权法使用为导向,结合近年来文化企业并购重组热潮,研究实物期权估值法在企业尤其是文化企业并购重组中的应用,以期为相关法律法规和评估准则完善,及实物期权法的推广运用进行理论探讨和实务经验总结。实物期权法适用于管理决策弹性大或不确定性高的实物投资估值。文化企业的盈利,主要来源于版权、著作权、商标和经营资质等无形资产,这些无形资产,既决定了文化企业的高收益性,也决定了收益的不稳定性和不确定性。同时,文化企业还面临政策管制和变化风险,以及知识产权受侵害、商业模式复制更替、竞争形势严峻、资金链断裂等市场风险,而文化产品消费者主观偏好的变化更增加了收益的不确定性。文化企业并购重组中,企业管理灵活性更大,更增加了不确定价值和决策弹性价值,但这些价值影响因素在运用成本法和收益法时,均不能充分覆盖。在市场有效性不足,可比交易案例获取难度大的情况下,市场法也存在固有缺陷。因此,本文将实物期权法和文化企业并购重组估值有机结合,通过对案例进行实证研究,认为,文化企业并购重组中的实物期权价值占整体价值比重高,在实践运用中应充分纳入并合理计量这部分价值。同时,估值应回归理性,各种方法应各司其职、相互补充。虽然实物期权法在理论上和逻辑上能有效匹配文化企业在并购重组活动中的特点,更合理地衡量其价值,弥补传统方法的缺失,但由于实物期权概念抽象,定价模型复杂,且实物期权法需基于传统方法合理估值基础才能有效运用,加之受评估行业发展相对滞后、适用法律环境等因素影响,实践中还未推广运用。因此,本文提出要在制度层面进行完善作为基础保障,要在实践层面大力培训推广,以保证实物期权法广泛和合理使用,以不断完善评估实践中的方法体系,使估值结果更合理化,更好地维护交易各方权益,促成交易双方凝聚共识,促进更公平、有效的市场秩序建立,实物期权法的全面推广和应用,尚需在实践探索中不断前行。
[Abstract]:Based on the theory of real options, this paper studies the application of real option valuation method in mergers and acquisitions of enterprises, especially cultural enterprises, based on the theory of real options, taking the use of real options as a guide, and combining with the upsurge of M & A and reorganization of cultural enterprises in recent years. With a view to improving the relevant laws, regulations and evaluation criteria, The real options method is suitable for the real investment valuation with high flexibility or uncertainty in management decisions. The profits of cultural enterprises are mainly from copyright, copyright, copyright, etc. Intangible assets, such as trademarks and operating qualifications, not only determine the high profitability of cultural enterprises, but also determine the instability and uncertainty of returns. At the same time, cultural enterprises also face the risk of policy regulation and change. As well as the infringement of intellectual property rights, the replacement of business models, the severe situation of competition, the breakage of capital chain and other market risks, and the change of subjective preferences of consumers of cultural products has increased the uncertainty of income. In the M & A of cultural enterprises, The flexibility of enterprise management is greater, and the uncertain value and the decision flexibility value are increased, but these value influencing factors can not be fully covered in the application of cost method and income method. Therefore, this paper combines the real option method and the valuation of M & A of cultural enterprises organically, and through the empirical study of the case, we think that, The value of real options in M & A of cultural enterprises has a high proportion of the whole value, which should be fully incorporated and reasonably measured in practice. At the same time, the valuation should return to rationality, and all kinds of methods should perform their respective duties. Although the real option method can effectively match the characteristics of cultural enterprises in M & A activities in theory and logic, measure its value more reasonably and make up for the lack of traditional methods, but the concept of real options is abstract. The pricing model is complex, and the real option method can be used effectively only on the basis of reasonable valuation based on traditional methods. Moreover, it has not been popularized in practice due to the relative lag of the development of the evaluation industry, the applicable legal environment and other factors. This paper puts forward that the system should be perfected as the basic guarantee, the practice level should be vigorously trained and popularized, in order to ensure the wide and reasonable use of the real option law, to continuously improve the evaluation method system in practice, and to make the valuation results more reasonable. Better safeguarding the rights and interests of all parties to the transaction, promoting the consensus of both sides of the transaction, promoting the establishment of a fairer and more effective market order, and the comprehensive promotion and application of the real options law, it is still necessary to continue to move forward in practice and exploration.
【学位授予单位】：四川省社会科学院
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F275;G124

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