The Equity Pricing Model of State-owned in M&A Based on Growth Option and Empirical Study
This article combines the growth option model with discounted cash flow to ascertain the real value of the state-owned enterprises, and then establishes the Pricing Model of State-owned Shares in Foreign M & A Based on growth option. The features and innovations of this article: firstly, makes use of the return on assets αs and discount rate of investment options αc to compute the profit opportunities of the target enterprise, this point makes up the shortcoming of B-S model which does not apply to the pricing of M & A. Secondly takes advantage of the growth options equity character to reflect the certain growth value of state-owned enterprises. To make up the shortcoming of traditional pricing methods which neglects the issue of the value of intangible assets but only focus on the asset quality, profitability and other financial indicators. Thirdly, analyze the case of Shenyang Machine Tool to give some policy proposal about the equity pricing of State-owned in M & A.
foreign M & A state-owned shares pricing growth options discounted cash flow
YANG Xiaoyan LIU Yanping LIU Sha
School of Management, Dalian University of Technology, Dalian, China, 116024
国际会议
大连
英文
1-6
2009-06-29（万方平台首次上网日期，不代表论文的发表时间）