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应用实物期权方法分析了不确定性环境下企业的横向兼并投资决策问题。将企业所拥有的兼并投资机会看作是企业所持有的看涨期权 ,应用期权定价理论分析了兼并期权的价值 ,得到了最优兼并投资决策的临界值以及不确定性下横向兼并投资决策的托宾 q的修正值。在分析中考虑了横向兼并的规模经济效应与垄断效应 ,并分析了这两种效应对决策的影响。
Applying the real option method to analyze the decision-making of horizontal mergers and acquisitions in uncertain environment. The merger investment opportunities owned by the enterprises are regarded as the call options held by enterprises. The option pricing theory is used to analyze the value of the merger option, the critical value of the optimal merger investment decision and the decision of the horizontal merger investment under uncertainty Tobin q correction value. In the analysis, the scale-economy effect and monopoly effect of horizontal mergers were considered, and the impact of these two effects on decision-making was analyzed.