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随着经济全球化的展开,企业发展不再仅仅局限于本国的市场,越来越向着国际市场迈进,而企业并购是企业扩张和发展的重要途径。在企业并购中价值评估是决定企业能否并购成功的重要因素,而实物期权理论又是影响价值评估的关键环节。但是,就目前的形势来看,大部分的企业评估往往忽略了实物期权理论在企业并购价值评估中的作用,造成投资者再投资的过程中目光短浅,影响企业的成功发展。本文就实物期权理论在企业并购价值评估中的作用进行简要的研究,并提出一些方法,为促进我国企业并购的良性发展做贡献。
With the development of economic globalization, the development of enterprises is no longer confined to the domestic market and more and more toward the international market. Merger and acquisition is an important way for the expansion and development of enterprises. Valuation in M & A is an important factor that determines the success of M & A, and the theory of real option is the key link that affects value assessment. However, judging from the current situation, most of the corporate evaluations often neglect the role of the real option theory in the valuation of M & A, causing short-sighted investors to reinvest and affecting the successful development of the enterprises. This paper briefly studies the role of real option theory in M & A value assessment and puts forward some methods to make contribution to the healthy development of M & A in China.