淺析企業(yè)并購中的比較優(yōu)勢原理與期權(quán)思維.doc
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淺析企業(yè)并購中的比較優(yōu)勢原理與期權(quán)思維,頁數(shù) 12字數(shù) 11325摘要：企業(yè)并購正在世界經(jīng)濟舞臺上極大的張揚著自己，并購市場日益規(guī)范，并購理論日益豐滿，星星之火已經(jīng)燎原。企業(yè)并購在我國國民經(jīng)濟的轉(zhuǎn)型與持續(xù)發(fā)展的討論中地位崇高，對并購理論的學習研究意義重大。本文從比較優(yōu)勢原理與期權(quán)思維方式兩個角度切入，分析企業(yè)并購決策為企...
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此文檔由會員 劉陽 發(fā)布
淺析企業(yè)并購中的比較優(yōu)勢原理與期權(quán)思維
頁數(shù) 12 字數(shù) 11325
摘要：
企業(yè)并購正在世界經(jīng)濟舞臺上極大的張揚著自己，并購市場日益規(guī)范，并購理論日益豐滿，星星之火已經(jīng)燎原。企業(yè)并購在我國國民經(jīng)濟的轉(zhuǎn)型與持續(xù)發(fā)展的討論中地位崇高，對并購理論的學習研究意義重大。本文從比較優(yōu)勢原理與期權(quán)思維方式兩個角度切入，分析企業(yè)并購決策為企業(yè)帶來的財務效益與價值增值。
筆者認為比較優(yōu)勢原理在企業(yè)并購中的應用可以幫助發(fā)起企業(yè)與目標企業(yè)進行自有資產(chǎn)的優(yōu)化配置，利用相互的比較優(yōu)勢成產(chǎn)能力協(xié)調(diào)分配成產(chǎn)任務，而達到產(chǎn)量的極大化。
筆者認為并購行為作為一項財務投資決策，至少具備后續(xù)投資機會與柔性生產(chǎn)設備兩種實物期權(quán)的特征。因此也可以利用著名的用以計算期權(quán)價值的Black-Scholes 模型核算并購決策的期權(quán)價值。
筆者利用該兩種理論原理，在減少變量原則下建立簡單模型，分別部分核算并購決策的財務與增值效益，并為兩企業(yè)間撮合并購價格提供可能建立較簡便定價模型的思維方式。
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,效益動因,比較優(yōu)勢原理,后續(xù)投資機會期權(quán),柔性生產(chǎn)設備期權(quán),部分效益核算,簡便定價
主要參考資料：《Principles Of Corporate Finance》第六版 Richard A. Brealey (英)
Stewart C. Myers (美)
《經(jīng)濟學》（第二版） 斯蒂格利茲（Joseph E. Stiglitz）
《企業(yè)并購財務動因》 劉 秋 萍
《中國公司并購案例大全》
《corporate strategy management》
《公司理財》 第六版 斯蒂芬 A. 羅斯(Stephen A.Ross)
頁數(shù) 12 字數(shù) 11325
摘要：
企業(yè)并購正在世界經(jīng)濟舞臺上極大的張揚著自己，并購市場日益規(guī)范，并購理論日益豐滿，星星之火已經(jīng)燎原。企業(yè)并購在我國國民經(jīng)濟的轉(zhuǎn)型與持續(xù)發(fā)展的討論中地位崇高，對并購理論的學習研究意義重大。本文從比較優(yōu)勢原理與期權(quán)思維方式兩個角度切入，分析企業(yè)并購決策為企業(yè)帶來的財務效益與價值增值。
筆者認為比較優(yōu)勢原理在企業(yè)并購中的應用可以幫助發(fā)起企業(yè)與目標企業(yè)進行自有資產(chǎn)的優(yōu)化配置，利用相互的比較優(yōu)勢成產(chǎn)能力協(xié)調(diào)分配成產(chǎn)任務，而達到產(chǎn)量的極大化。
筆者認為并購行為作為一項財務投資決策，至少具備后續(xù)投資機會與柔性生產(chǎn)設備兩種實物期權(quán)的特征。因此也可以利用著名的用以計算期權(quán)價值的Black-Scholes 模型核算并購決策的期權(quán)價值。
筆者利用該兩種理論原理，在減少變量原則下建立簡單模型，分別部分核算并購決策的財務與增值效益，并為兩企業(yè)間撮合并購價格提供可能建立較簡便定價模型的思維方式。
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,效益動因,比較優(yōu)勢原理,后續(xù)投資機會期權(quán),柔性生產(chǎn)設備期權(quán),部分效益核算,簡便定價
主要參考資料：《Principles Of Corporate Finance》第六版 Richard A. Brealey (英)
Stewart C. Myers (美)
《經(jīng)濟學》（第二版） 斯蒂格利茲（Joseph E. Stiglitz）
《企業(yè)并購財務動因》 劉 秋 萍
《中國公司并購案例大全》
《corporate strategy management》
《公司理財》 第六版 斯蒂芬 A. 羅斯(Stephen A.Ross)
