摘要
本文认为,企业价值可以划分为现实资产价值和期权价值两部分。前者可以运用传统的企业价值评估方法进行评估,后者则对企业拥有的期权进行识别和评估,两者之和即为企业价值。通过引进期权理论对传统方法进行改进,本文导出了基于并购特征和企业经营灵活性的并购企业的出价范围,为并购中对目标企业定价提供了一种思路和方法。
The authors believe enterprises' value can be separated into two parts, present assets value and options' value. The former could be appraised with the traditional appraisal approaches, but the latter is the recognition and valuation of enterprises' options. The sumof the two items is just the business value. This article improves the traditional methods with the Option Method, and educes the price range of M&A enterprises' with its flexibility, provides an approach to assess enterprises in M& A.
出处
《中国资产评估》
CSSCI
2004年第6期15-19,共5页
Appraisal Journal of China
