浅析企业并购中的比较优势原理与期权思维.doc
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浅析企业并购中的比较优势原理与期权思维,页数 12字数 11325摘要：企业并购正在世界经济舞台上极大的张扬着自己，并购市场日益规范，并购理论日益丰满，星星之火已经燎原。企业并购在我国国民经济的转型与持续发展的讨论中地位崇高，对并购理论的学习研究意义重大。本文从比较优势原理与期权思维方式两个角度切入，分析企业并购决策为企...
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浅析企业并购中的比较优势原理与期权思维
页数 12 字数 11325
摘要：
企业并购正在世界经济舞台上极大的张扬着自己，并购市场日益规范，并购理论日益丰满，星星之火已经燎原。企业并购在我国国民经济的转型与持续发展的讨论中地位崇高，对并购理论的学习研究意义重大。本文从比较优势原理与期权思维方式两个角度切入，分析企业并购决策为企业带来的财务效益与价值增值。
笔者认为比较优势原理在企业并购中的应用可以帮助发起企业与目标企业进行自有资产的优化配置，利用相互的比较优势成产能力协调分配成产任务，而达到产量的极大化。
笔者认为并购行为作为一项财务投资决策，至少具备后续投资机会与柔性生产设备两种实物期权的特征。因此也可以利用著名的用以计算期权价值的Black-Scholes 模型核算并购决策的期权价值。
笔者利用该两种理论原理，在减少变量原则下建立简单模型，分别部分核算并购决策的财务与增值效益，并为两企业间撮合并购价格提供可能建立较简便定价模型的思维方式。
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.
关键词：
并购,效益动因,比较优势原理,后续投资机会期权,柔性生产设备期权,部分效益核算,简便定价
主要参考资料：《Principles Of Corporate Finance》第六版 Richard A. Brealey (英)
Stewart C. Myers (美)
《经济学》（第二版） 斯蒂格利兹（Joseph E. Stiglitz）
《企业并购财务动因》 刘 秋 萍
《中国公司并购案例大全》
《corporate strategy management》
《公司理财》 第六版 斯蒂芬 A. 罗斯(Stephen A.Ross)
页数 12 字数 11325
摘要：
企业并购正在世界经济舞台上极大的张扬着自己，并购市场日益规范，并购理论日益丰满，星星之火已经燎原。企业并购在我国国民经济的转型与持续发展的讨论中地位崇高，对并购理论的学习研究意义重大。本文从比较优势原理与期权思维方式两个角度切入，分析企业并购决策为企业带来的财务效益与价值增值。
笔者认为比较优势原理在企业并购中的应用可以帮助发起企业与目标企业进行自有资产的优化配置，利用相互的比较优势成产能力协调分配成产任务，而达到产量的极大化。
笔者认为并购行为作为一项财务投资决策，至少具备后续投资机会与柔性生产设备两种实物期权的特征。因此也可以利用著名的用以计算期权价值的Black-Scholes 模型核算并购决策的期权价值。
笔者利用该两种理论原理，在减少变量原则下建立简单模型，分别部分核算并购决策的财务与增值效益，并为两企业间撮合并购价格提供可能建立较简便定价模型的思维方式。
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.
关键词：
并购,效益动因,比较优势原理,后续投资机会期权,柔性生产设备期权,部分效益核算,简便定价
主要参考资料：《Principles Of Corporate Finance》第六版 Richard A. Brealey (英)
Stewart C. Myers (美)
《经济学》（第二版） 斯蒂格利兹（Joseph E. Stiglitz）
《企业并购财务动因》 刘 秋 萍
《中国公司并购案例大全》
《corporate strategy management》
《公司理财》 第六版 斯蒂芬 A. 罗斯(Stephen A.Ross)
