淺析企業(yè)并購(gòu)中的比較優(yōu)勢(shì)原理與期權(quán)思維

頁(yè)數(shù) 12 字?jǐn)?shù) 11325

摘要：
企業(yè)并購(gòu)正在世界經(jīng)濟(jì)舞臺(tái)上極大的張揚(yáng)著自己，并購(gòu)市場(chǎng)日益規(guī)范，并購(gòu)理論日益豐滿，星星之火已經(jīng)燎原。企業(yè)并購(gòu)在我國(guó)國(guó)民經(jīng)濟(jì)的轉(zhuǎn)型與持續(xù)發(fā)展的討論中地位崇高，對(duì)并購(gòu)理論的學(xué)習(xí)研究意義重大。本文從比較優(yōu)勢(shì)原理與期權(quán)思維方式兩個(gè)角度切入，分析企業(yè)并購(gòu)決策為企業(yè)帶來的財(cái)務(wù)效益與價(jià)值增值。
筆者認(rèn)為比較優(yōu)勢(shì)原理在企業(yè)并購(gòu)中的應(yīng)用可以幫助發(fā)起企業(yè)與目標(biāo)企業(yè)進(jìn)行自有資產(chǎn)的優(yōu)化配置，利用相互的比較優(yōu)勢(shì)成產(chǎn)能力協(xié)調(diào)分配成產(chǎn)任務(wù)，而達(dá)到產(chǎn)量的極大化。
筆者認(rèn)為并購(gòu)行為作為一項(xiàng)財(cái)務(wù)投資決策，至少具備后續(xù)投資機(jī)會(huì)與柔性生產(chǎn)設(shè)備兩種實(shí)物期權(quán)的特征。因此也可以利用著名的用以計(jì)算期權(quán)價(jià)值的Black-Scholes 模型核算并購(gòu)決策的期權(quán)價(jià)值。
筆者利用該兩種理論原理，在減少變量原則下建立簡(jiǎn)單模型，分別部分核算并購(gòu)決策的財(cái)務(wù)與增值效益，并為兩企業(yè)間撮合并購(gòu)價(jià)格提供可能建立較簡(jiǎn)便定價(jià)模型的思維方式。

Abstract:
Merger is showing its strong enthusiasm on the economical stage throughout the globe。With the developing of market regulations and the consummate of merging theory，the former boy is on his way up.
Corporate merger is a powerful weapon for the fulfillment of the style transformation and continuous growth in China,s economy. It is just the reason why we are eager to pick this field up and study on it. Here the penman is going to make use of the comparative advantage theory and the options knowledge, hoping to give part of the answer about what the financial motivation towards merger is and after that attempt to value it.
The penman say that the comparative advantage theory can do a remarkable favor to the merged firms to optimize the collocation of their own internal resources, which may result in the largest manufacturing.
The penman also touch on the real option covered in the merger activities which can be treated as a financial and investment decisions. The follow-on investment opportunities option and the flexible production facilities option will be concerned and, values of them will be worked out with the use of the Black-Scholes formula.
At last a simple pricing model based on the preceding discussion of the two theories will be given out. But it is just a way of reflection on it, not a self-contained and practical one.

關(guān)鍵詞：
并購(gòu),效益動(dòng)因,比較優(yōu)勢(shì)原理,后續(xù)投資機(jī)會(huì)期權(quán),柔性生產(chǎn)設(shè)備期權(quán),部分效益核算,簡(jiǎn)便定價(jià)

主要參考資料：《Principles Of Corporate Finance》第六版 Richard A. Brealey (英)
Stewart C. Myers (美)
《經(jīng)濟(jì)學(xué)》（第二版） 斯蒂格利茲（Joseph E. Stiglitz）
《企業(yè)并購(gòu)財(cái)務(wù)動(dòng)因》 劉 秋 萍 　
《中國(guó)公司并購(gòu)案例大全》
《corporate strategy management》
《公司理財(cái)》 第六版 斯蒂芬 A. 羅斯(Stephen A.Ross)