实物期权在信息技术行业并购估值中的应用

发布时间：2018-04-18 09:21

本文选题：企业并购估值 + 实物期权法　；参考：《首都经济贸易大学》2017年硕士论文

【摘要】：随着经济全球化的发展,企业并购活动日益频繁。并购是企业资源整合与开拓新业务的重要方式,其核心问题之一是目标企业的价值评估。对目标企业价值有失偏颇的估计会直接导致并购活动的失败,使并购方企业做出错误的投资决策,丧失投资机会。信息技术行业企业由于其自身存在的技术先导性、市场变化迅速、竞争形势严峻等特点,使该行业企业的并购活动具有显著的投资特性,具有明显的期权特征。然而,多数传统的企业估值方法所运用的评估模型缺乏灵活性,未考虑企业并购过程中的不确定性因素,往往忽视了由并购活动产生的选择权使目标企业所具有的投资价值。实物期权解决了并购活动所带来的投资决策价值估计问题,很好地弥补传统估值方法对于不确定性情况的适用性不足。为并购方企业提供了一种重新把握投资机会、正视并购风险、重塑标的企业价值的思维模式。本文通过对企业并购理论与实物期权理论的研究,结合信息技术行业的特点与该行业企业的并购特征,进一步探讨了实物期权法在信息技术行业企业并购估值中的适用性与实践性。在理论分析的基础上,本文主要采用了案例分析的方法,以齐星铁塔公司并购北讯电信一案为例,将实物期权法应用到了针对标的公司——北讯电信的价值评估当中,为实物期权法应用于并购标的企业价值评估提供了可行的例证,同时在文章最后也指出了该方法在实际应用过程中可能存在的问题与本文的研究不足。
[Abstract]:With the development of economic globalization, M & A activities are becoming more and more frequent.M & A is an important way to integrate resources and develop new business. One of its core problems is the value evaluation of target enterprises.The biased estimation of the value of the target enterprise will lead to the failure of the merger and acquisition activities, which will make the M & A enterprise make the wrong investment decision and lose the investment opportunity.Because of its own technological forerunner, rapid market change and severe competition situation, the M & A activities of information technology industry enterprises have obvious investment characteristics and obvious option characteristics.However, the evaluation model used by most traditional valuation methods lacks flexibility and does not take into account the uncertain factors in the process of M & A, and often ignores the investment value of the target firm due to the option generated by the M & A activity.Real option solves the problem of investment decision value estimation brought about by M & A, and makes up for the lack of applicability of traditional valuation method in uncertain situations.It provides a new mode of thinking for M & A enterprises to grasp the investment opportunities, face up to the risks of M & A, and remodel the value of the target enterprises.Based on the research of M & A theory and real option theory, this paper combines the characteristics of information technology industry and M & A characteristics of enterprises in this industry.The applicability and practicability of real option method in M & A valuation of information technology enterprises are further discussed.On the basis of theoretical analysis, this paper mainly adopts the method of case analysis, taking Qixing Tower Company's merger and acquisition of Beixun Telecom as an example, applies the real option method to the value evaluation of the target company, Beixun Telecom.It provides a feasible example for the application of real option method to the value evaluation of M & A enterprises. At the end of this paper, it also points out the possible problems in the practical application of the method and the lack of research in this paper.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.4;F626

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