基于实物期权的合资企业收购或剥离分析

发布时间：2018-03-30 12:57

本文选题：合资企业　切入点：实物期权　出处：《太原理工大学》2017年硕士论文

【摘要】：实物期权已经不仅仅是一种定价的方式,它更是理解投资行为以及企业战略的一种思维方式,它能够更好的兼顾管理的弹性及柔性,更真实的反映管理的现实特点。而随着技术的进步,经济的全球化,合资企业成为企业进行国际化发展的重要战略之一。合资企业所面对的外部环境的极大不确定性以及自身的结构特点,使它具有明显的实物期权特性。为了更好的应用合资企业战略,管理者要站在实物期权的角度来理解合资企业,以实物期权这种全新的视角看待合资战略。特别的,根据合资企业相关的基础理论,企业实施合资战略是为了降低交易成本亦或是实现企业间的资源互补亦或是通过战略途径提高企业的竞争力等。但是从企业本质上来讲,企业实施合资战略就是实现自身利益的最大化。不管是合资企业的收购还是剥离等,所有的战略动机都是获取最大化的利益。而合资双方对合资企业的估值出现分歧,就会导致合资企业收购或剥离现在的出现。那么,通过构建期权模型,对影响合资企业收购或剥离期权价值的相关因素进行分析,间接的对合资企业的收购或剥离进行分析,以期为企业进行合资战略提供理论指导,就成为了本文的逻辑主线。本文首先通过对合资企业以及实物期权的研究发展现状的梳理,发现了合资企业期权研究的不足,并根据多项式的期权定价模型以及合资企业自身的结构特性,构建了合资企业的收购或者剥离期权模型。再次通过数值分析的方法,分事前有无收购或剥离价格两种情况,分别对影响合资企业收购或剥离期权价值的相关因素进行分析,再得出相应的结论并在各结论的基础上对合资企业的收购或剥离进行分析。最后将有无明确价格的合资企业收购或剥离进行了对比分析,对初始合同是否含有明确期权条款进行了探讨并提出了设定合资合同的一些注意事项。通过本文的研究,不仅构建了合资企业收购或剥离的期权模型,而且对影响合资企业收购或剥离期权价值的相关因素进行了分析。通过分析发现,由于期权价值因标的资产结构的改变而改变,合资企业的收购或剥离期权具有一些特有的属性,具体的属性在各具体章节都有归纳并形成了相应的结论。同时站在这些特有的属性的基础上对合资企业的收购或剥离进行了分析。本文旨在站在实物期权的视角,探究合资企业收购或者剥离的相关特性,以期为企业采用合资企业战略提供指导。
[Abstract]:Real option is not only a way of pricing, but also a way of thinking to understand investment behavior and enterprise strategy. It can better balance the flexibility and flexibility of management. More realistically reflect the reality of management. And with technological progress, economic globalization, The joint venture has become one of the important strategies for the internationalization of the enterprise. The joint venture faces great uncertainty in the external environment and its own structural characteristics. In order to better apply the joint venture strategy, managers should understand the joint venture from the perspective of real options and view the joint venture strategy from the perspective of real options. According to the basic theory of the joint venture, the purpose of the joint venture strategy is to reduce the transaction cost or to realize the complementarity of resources among the enterprises, or to improve the competitiveness of the enterprise by strategic means. To implement a joint venture strategy is to maximize its own interests. Whether it is a joint venture acquisition or a divestiture, all strategic motives are to maximize the benefits. The valuation of the joint venture is divided between the two parties. This will lead to the emergence of joint venture acquisition or divestiture. Then, by constructing an option model, we analyze the relevant factors that affect the value of the joint venture acquisition or divestiture option, and indirectly analyze the acquisition or divestiture of a joint venture. In order to provide theoretical guidance for the joint venture strategy, it has become the logical thread of this paper. Firstly, through combing the research and development status of joint venture and real options, we find the deficiency of joint venture option research. According to the polynomial option pricing model and the structural characteristics of the joint venture itself, this paper constructs the acquisition or divestiture option model of the joint venture. The relevant factors affecting the value of joint venture acquisition or divestiture options are analyzed respectively. Then we draw the corresponding conclusions and analyze the joint venture acquisition or divestiture on the basis of each conclusion. Finally, we make a comparative analysis of the joint venture acquisition or divestiture with or without a definite price. This paper discusses whether the initial contract contains explicit option clause and puts forward some matters needing attention in establishing the joint venture contract. Through the research of this paper, not only the option model of joint venture acquisition or divestiture is constructed, but also the option model of joint venture acquisition or divestiture is constructed. The paper also analyzes the relevant factors that affect the value of joint venture buyout or divestiture options. Through the analysis, it is found that the value of option changes with the change of underlying asset structure. The acquisition or divestiture option of a joint venture has some unique attributes, The specific attributes are summed up in each specific chapter and the corresponding conclusions are formed. At the same time, on the basis of these special attributes, the joint venture acquisition or divestiture is analyzed. To explore the relevant characteristics of joint venture acquisition or divestiture, in order to provide guidance for the adoption of joint venture strategy.
【学位授予单位】：太原理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F224;F276.43;F271

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