The Application Research Of Real Option Theory In G Enterprise Merge Y Enterprise Value Assessment

With the economic development and market expansion,Mergers and Acquisitions(M & A)has become an important strategic decision for high technology expertise to expand their business scale and enhance their competitiveness.The success of M & A has a significant impact on the future survival and development of the enterprise.It is a necessary condition for the success of the merger and acquisition to accurately evaluate the value of the target enterprise in the merger and acquisition of high technology expertise.However,the traditional method of valuation which is currently used in China is not suitable for the appraisal of M & A value of high-tech enterprises.According to the characteristics of M & A of high-tech enterprises,this paper introduces real option theory into the traditional valuation method,and applies the optimized method to specific cases,and then finds some difficulties in the process of application.Finally,this paper makes some valuable suggestions pertinently to the difficulties that may exist in the M & A of enterprises in the category of enterprises.In this paper,the value of the target enterprise Y enterprise in the merger of Y and G enterprises is regarded as the research object.First of all,this paper makes the dissertation summarizes of the generation and development of real option theory,the application of real option theory in value assessment and the value assessment of high technology enterprise.Then,this paper comparatively analyzes the traditional methods of enterprise value assessment and the method of value evaluation of real options and the application of M & A value assessment in high-tech enterprises are analyzed.Secondly,the value of the acquired party is divided into two parts according to its characteristics: the independent value part and the real option value part of the merger case,and then the two parts value are evaluated separately.In view of the independent value part,this article adopts AHP to select the specific evaluation method suitable for the case enterprise for valuation.By using the comparative research method,Black-Scholes model,which is suitable for specific situations,is selected from the two models commonly used in the valuation of the options to estimate the value of the options arising from the merger.The B-S model is not suitable for the actual situation of most listed companies because of the no dividend distribution assumptions of this model,this paper uses the after-trading share price to determine the volatility parameter to solve this problem,which successfully eliminates the impact of dividend distribution on the share price impairment.this paper adds a user-defined function with Excel editing code by using a custom function,and finally obtains the real option value value are summed to obtain the total evaluation result,and the result is evaluated and analyzed.Finally,some suggestions are put forward according to the difficulties that real option theory may encounter in the application of M & A value assessment in high-tech enterprises.The significance of this study: Firstly,For the initial stage of investment in hi-tech enterprises,mergers and acquisitions use external data to evaluate the value of the proposed merger and acquisition company,and then provide a reference for making initial investment decisions.Secondly,this paper summarizes several suggestions on the application of real option theory in the evaluation of M & A value of hi-tech enterprises,which has a certain reference value for the valuation of future hi-tech enterprises.