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The Research of Value Assessment of Enterprise M&A Based on Real Options

Author: KangYongPan
Tutor: WenHaiTao
School: Beijing Jiaotong University
Course: Accounting
Keywords: Real Options Mergers and Acquisitions Corporate Valuation
CLC: F275
Type: Master's thesis
Year: 2009
Downloads: 358
Quote: 3
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Abstract


Mergers and acquisitions as an important means of strategic investment , has become an important business strategy for the company's growth and expansion . Assessment of the value of the target company is in the process of mergers and acquisitions , M \u0026 A decision pre- work related to the success or failure of the M \u0026 A pricing level of M \u0026 A transactions . Traditional enterprise valuation method does not take into account the value of uncertainty in the process of mergers and acquisitions , the results of the assessment are often low . Therefore , the study of mergers and acquisitions valuation method has certain practical significance . For mergers and acquisitions in the enterprise value of the current situation is generally undervalued , theorists have real options theory used in the assessment of the value of mergers and acquisitions , and agreed that the value of M \u0026 A business by the value of the assets and the value of the options . But in the method of calculation of the value of the options yet to form a unified understanding of the computational model , nor can learn in practice . This paper studies found a good advantage of the Monte Carlo simulation methods calculate the uncertainty , so the introduction of a Monte Carlo simulation option valuation in mergers and acquisitions , and the Black - Scholes pricing model combining computational model based on the value of real options theory of corporate mergers and acquisitions , and useful attempt to do in the actual operation of the assessment of the value of mergers and acquisitions . This paper first reviews and summarizes the traditional corporate M \u0026 A valuation methods , analysis of the shortcomings of the traditional method . Second demonstrated real option characteristics of the M \u0026 A process , different real option in the M \u0026 A process . Then introduced in the mergers and acquisitions of the value of the options calculated Monte Carlo thinking and a combination of the Black - Scholes pricing model , the establishment of a complete computational model based on the enterprise value of mergers and acquisitions of real options theory , improve corporate M \u0026 A valuation method . Finally, for the case to the Shanghai Automotive M \u0026 Shangchaigufen the actual M \u0026 A events , using models established in this paper to calculate the value of the target company , the proposed model with the actual operability .

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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