The Researcher On The Applcaton Of Real Option Of Corporate Valuaton In M&A

As a way of the development of enterprise and capital operation, M&A is be approving by more and more people. And the correct calculation of the value of target enterprises is the key to implement successful merger. But it is not perfect to adopt the traditional methods to evaluate the value of M&Ao Because a implicit common assumption is comprised of these methods - the purchasing enterprises can only adopt the rigid assessment methods while making policy.But in fact , it should be considered in assessment that enterprises posses management flexibility which is contained during the course of merging, namely,The characteristics of option. With the rapid growth of economy, enterprises are facing increasing uncertainty , so the assessment is not a correct result without considering management flexibility.Therefore, this paper mainly discuss deficiency of the traditional methods and the existing applicable study of real option, and summarize the characteristic of enterprise's value assessment in M&A, and structures the applicable frame of the enterprise' s value assessment in M&A base on real option, and consummate the introduced model of real option.This paper adopts many methods that combines quantitative analysis with the detail explanation , the discussion of theory and illustration of cases , to study the application of real option in value assessment of M&Ao The paper summarizes definition , type , reason of M&A and current situation of M&A in our country at first, analyzes the characteristic of enterprise's value assessment and function in M&A , and studies the existing value assessment methods and points out its deficiency existing. Then, it discusses the definition , type , calculation model and application of the real option. Then the article structures the applicable frame of real option in the value assessment...