摘要
企业并购是一种高风险的投资项目 ,采用正常环境下传统的 NPV法对并购投资进行经济评价有许多不足之处。而实物期权理论是一种针对柔性投资进行经济评价的有效方法 ,尤其适应于非正常的经济环境 ,从而给企业并购投资创造了弹性。
Mergers and Acquisitions (M&A) is a investment project with high risk, In this paper, aiming at the shortcomings of using the net present value method(NPV), which has been accepted widespreadly, to appraise M&A, a economic assessment framework which contains real option factors is put forward. Moreover, how to apply the real option theory to risk control in M&A is studied.
出处
《西北农林科技大学学报（社会科学版）》
2002年第1期30-34,共5页
Journal of Northwest A&F University(Social Science Edition)
基金
国家自然科学基金资助项目 (79970 0 3 9)
