Real Option and Strategy: Valuation of Internet Companies M&A

摘要：

This paper studies the valuation of Internet companies M&A. There are some defects of the traditional methods of enterprise evaluation. The paper points out that the Internet companies have characteristics of investment flexibility and income volatility, and there is the value of real option. At the same time, the target enterprises are with investment value characteristic, so the strategic decision of main M&A enterprise will affect its value. Therefore, the value of target enterprise of internet companies is sum of NPV, the value of real option and the strategic value.

关键词： Valuation of M&A Real option Company strategy Internet companies

作者: Ting Xu Zhaoliang Li Xuerong Wang

作者单位: School of Accounting, Nanjing University of Finance and Economics, Nanjing, China Postgraduate Department, Nanjing University of Finance and Economics, Nanjing, China

会议类型: 国际会议

会议名称: 2012 International Conference on Financial,Management and Education Science(2012年金融、管理与教育科学国际会议ICFMES 2012)

会议地点: 北京

会议语种:英文

页码: 438-442

在线出版日期: 2012-05-19（万方平台首次上网日期，不代表论文的发表时间）