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首先运用期权理论研究了兼并目标企业价值确定问题,即包括基于净现值公式的基础价值和基于期权视角的期权价值.其次,运用博弈论研究了模糊环境下企业兼并目标企业的价格确定问题,通过引入可信性理论对兼并双方博弈支付进行表示,从而对Rubinstein讨价还价定理进行改进,给出了模糊环境下企业兼并目标企业价格确定思路,并且研究了期权的可执行期间问题.最后,通过数值仿真和案例分析说明了模型对现实的解释力.
Firstly, the option theory is used to study the problem of determining the value of the merger target enterprise, which includes the basic value based on the net present value formula and the option value based on the option perspective.Secondly, using game theory to study the problem of determining the price of the target enterprise under the fuzzy environment, By introducing the theory of creditability to represent the game payment of both parties, the Rubinstein bargaining theorem is improved, and the idea of determining the price of enterprise merger target under the fuzzy environment is given, and the question of the option’s execution period is studied.Finally, Simulation and case analysis illustrate the model’s explanatory power to reality.