| M & A market economy and modern enterprise system, a product of the combination of its economic life in our country becoming more and more important. And to the implementation of successful mergers and acquisitions, the correct calculation of the target enterprise value is the key. Discounted cash flow method is the more mature theoretical value of mergers and acquisitions, but the shortcomings of this approach is to ignore the M & A target in an environment of uncertainty have the opportunity to value. In the current market environment, the uncertainty business environment has become a significant feature. Enterprises do not consider the target environment of uncertainty can not be worth the opportunity to make a correct assessment of enterprise value.Analysis indicates that mergers and acquisitions with the characteristics of options. Therefore, under certain assumptions, the real options method is applied to the target enterprise value of mergers and acquisitions has become possible to assess. A Real Option Approach to the value of mergers and acquisitions in the assessment of the advantages of is that it can not do an accurate assessment of the value of the opportunity. This method will be the acquisition target enterprise value divided into the value of existing and potential business opportunities for the value of profits, the former using discounted cash flow method to assess the latter option pricing model can be used to quantify the measurement, carried out for the last two and can be more accurate value of M & A target.Therefore, the main research work is summed up the characteristics of mergers and acquisitions based on the options to build based on the Black-Scholes option pricing model to assess the value of enterprise application framework for mergers and acquisitions, analysis methods to be applied to real options valuation in mergers and acquisitions of feasibility, and the introduction of real options theory to assess the value of mergers and acquisitions. |
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