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首页> 外文会议>2011 IEEE International Conference on Automation and Logistics >The study on real options valuation method of logistics enterprises' Mergers and acquisitions
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The study on real options valuation method of logistics enterprises' Mergers and acquisitions

机译：物流企业并购实物期权估值方法研究

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摘要

In recent years, logistics enterprises in China have developed rapidly though Mergers and Acquisitions (M & A) which can bring positive effects, integrate resources of logistics, improve capabilities and increase market competitiveness. Mergers and Acquisitions (M & A), as the core of capital management, has become an important way for logistics enterprises to achieve rapid development, expand scale and gain market power. When logistics enterprises make good use of Mergers and Acquisitions, they could achieve a leap in growth. However, M & A deal is often very complex with a key success factor — the transaction price. Traditional Discounted Cash Flow Valuation is often used in practice, which tends to ignore the flexibility of business operations in assessing the value of target logistics enterprises. Real Option Theory, on the other hand, is an effective valuation method to make flexible investment decisions. Real Option Theory can be applied to investment decisions of logistics enterprises that have flexible or strategic growth in order to explore various investment opportunities under uncertainty as well as to bring new value, avoid value underestimation and reduce decision-making errors.
机译：近年来，中国的物流企业通过并购（M＆A）取得了长足的发展，可以带来积极的影响，整合物流资源，提高能力，提高市场竞争力。并购（M＆A）作为资本管理的核心，已经成为物流企业实现快速发展，扩大规模，获得市场支配力的重要途径。当物流企业充分利用并购时，它们可以实现增长的飞跃。但是，并购交易通常非常复杂，并具有关键的成功因素-交易价格。在实践中经常使用传统的现金流量折现评估，这种评估往往会忽略业务运营在评估目标物流企业价值方面的灵活性。另一方面，实物期权理论是一种有效的估值方法，可以做出灵活的投资决策。实物期权理论可以应用于具有弹性或战略性增长的物流企业的投资决策，以发掘不确定条件下的各种投资机会，并带来新的价值，避免价值低估并减少决策错误。

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