Application Of Binary Tree Option Pricing Model In Merger And Acquisition Valuation Of High-tech Enterprises

Merger and acquisition is an important means of resource allocation in capital market.High premium mergers and acquisitions bring about high performance commitments and great impairment of goodwill,which are difficult to achieve,and have seriously hindered the development of listed companies.The operation of high-tech enterprises is relatively unstable,and it is difficult to reasonably value them.It is easier to cause "three high" mergers and acquisitions and trigger "thunderbolt" of goodwill.This paper chooses the case of Jinli science and technology merger and acquisition of Yuhan Optoelectronics as the analysis object to study the valuation of high-tech enterprises merger and acquisition.Since the merger and acquisition of Yuhan Optoelectronics,the value of the enterprise is obviously not in line with the merger and acquisition valuation.There is a big difference between the financial indicators and the forecast of the income method.Jinli’s scientific and technological performance has been seriously hampered.Based on the theories of capital asset pricing,option pricing,real options and risk premium,this paper compares the advantages and disadvantages of real options and traditional valuation methods to evaluate the value of Yuhan Optoelectronics,and constructs a binary tree option pricing model to re-evaluate the value of Yuhan Optoelectronics M&A.Through the research,it is found that the traditional valuation method adopted by China’s asset appraisal institutions has certain limitations,and it is difficult to identify the uncertainties in the operation of high-tech enterprises.By comparing the valuation results of binary tree model,cost method and income method,it is proved that the application of binary tree model in evaluating Yuhan Optoelectronics is more reasonable.Comparing with the actual business situation of enterprises,it can reduce the "three high" phenomenon to a certain extent and prevent goodwill "thunderbolt".In this regard,it is suggested that M&A parties should pay full attention to M&A valuation methods,improve the accuracy of valuation and reduce excessive dependence on performance commitments;Asset appraisal institutions should try to use different valuation methods to compare and evaluate,so as to achieve a reasonable valuation!...