摘要
本文在对实物期权理论进行总结的基础上,针对以折现现金流法为代表的传统估价方法在企业价值评估中的不足,从一个全新的视角,研究了实物期权理论在企业并购价值评估中的应用,建立了企业并购价值评估的总体框架,利用期权定价公式对具有增长期权的企业估价进行了一些初步的研究。
In this paper, based on a review of Real Option Theory, and aiming at existing problems that those traditional firm valuation methods face with, a new model based on real options is developed as a remedy to the Discounted Cash Flow Method when it treats the operation flexibility. Using Black-Scholes formula, this paper gives a primary probe on valuing a firm with growth options.
出处
《中国软科学》
CSSCI
北大核心
2003年第7期129-132,共4页
China Soft Science
基金
国家自然科学基金资助项目"基于实物期权的项目投资估价研究"(79970039)
