The Real Option Method Based On B—S Model In The Research And Application Of TY In The Project Of Energy Acquisition

In the face of increasingly fierce competition in the market environment, modern enterprises to improve the management in order to better survival, and expand the operation scale, achieve economies of scale, the enterprise merger and acquisition has become an important measure of current enterprise development. The merger is a merger by absorption the advantages of industry, to upgrade the industrial structure, the rational allocation of resources, expand the scale of production, an important means of business and assets increase. However, mergers and acquisitions for the enterprise’s survival and development is a double-edged sword, reasonable and correct M & A is the positive role to the development of enterprise, and promote the sustained and healthy development of enterprises. But is the fatal failure of M & a sustainable operation of enterprises, and may even lead to the bankruptcy of enterprises. There are many reasons leading to failure of M & A, and to assess the value of M & a target enterprises is one of the important reasons.To the goal enterprise value estimation is not accurate, premium merger will lead to the enterprise production and management costs increase, will lead to the loss of competitive undervaluation when M & A opportunities, so scientific and reasonable assessment of the value of enterprises become the core of the whole process of mergers and acquisitions.The value of the target enterprise evaluation refers to the merger, merger enterprise and the enterprise M & A based on the merger and acquisition targets and operating condition,the market situation of the scientific value estimation, and provides basis for determining M & A both sides to accept the transaction price. In this paper, through the research of M & A and M & a theory of domestic and foreign enterprises, on this basis, introduced the enterprise evaluation of four methods, namely asset method, market method, income method, real option method, analyzes the advantages and disadvantages and scope of application of the four methods. Taking the TY energy acquisition of HZ gas as a case,using four kinds of methods to evaluate the target enterprise of value evaluation, analysis and comparison of four kinds of assessment methods to get results.Among them, because the city gas enterprises survival time longer, enterprise value-added space is big, to assess the value of target enterprise, not only to assess the value of real assets, also respond to the opportunities to assess the value of that option value.