摘要
海外海上油气资产并购面临的不确定性大,运用传统的净现值评价方法容易失去机会或做出错误决策。结合海外并购和海上油气投资的特征,探讨了实物期权定价模型在海外海上资产并购中的应用。实例分析发现,相对于传统的净现值方法,实物期权评估方法能够更加科学地发现面临更大不确定性的资产价值,可为投资决策提供更加充分合理的参考依据。
A wrong decision would be made by tradi-tional NPV method because there are more uncertainties in overseas offshore petroleum M ＆A. The real options model is applied to overseas offshore oil M ＆A based on the characteristic of overseas oil M ＆A. Compared with the traditional NPV method, the real options method provides more accurate and reliable valuation information for decision making.
出处
《中国海上油气》
CAS
CSCD
北大核心
2014年第4期46-49,共4页
China Offshore Oil and Gas
基金
"十二五"国家科技重大专项"西非深水工程关键技术研究(编号:2011ZX05030)"部分研究成果
关键词
实物期权
海外
海上
并购
决策
real options
overseas
offshore
M ＆A
decision making
