發(fā)布時間：2018-02-13 15:42

  本文關(guān)鍵詞： 企業(yè)價值評估 實物期權(quán)法 文化企業(yè) 并購重組　出處：《四川省社會科學(xué)院》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：本文以實物期權(quán)理論為基礎(chǔ),以推進實物期權(quán)法使用為導(dǎo)向,結(jié)合近年來文化企業(yè)并購重組熱潮,研究實物期權(quán)估值法在企業(yè)尤其是文化企業(yè)并購重組中的應(yīng)用,以期為相關(guān)法律法規(guī)和評估準(zhǔn)則完善,及實物期權(quán)法的推廣運用進行理論探討和實務(wù)經(jīng)驗總結(jié)。實物期權(quán)法適用于管理決策彈性大或不確定性高的實物投資估值。文化企業(yè)的盈利,主要來源于版權(quán)、著作權(quán)、商標(biāo)和經(jīng)營資質(zhì)等無形資產(chǎn),這些無形資產(chǎn),既決定了文化企業(yè)的高收益性,也決定了收益的不穩(wěn)定性和不確定性。同時,文化企業(yè)還面臨政策管制和變化風(fēng)險,以及知識產(chǎn)權(quán)受侵害、商業(yè)模式復(fù)制更替、競爭形勢嚴(yán)峻、資金鏈斷裂等市場風(fēng)險,而文化產(chǎn)品消費者主觀偏好的變化更增加了收益的不確定性。文化企業(yè)并購重組中,企業(yè)管理靈活性更大,更增加了不確定價值和決策彈性價值,但這些價值影響因素在運用成本法和收益法時,均不能充分覆蓋。在市場有效性不足,可比交易案例獲取難度大的情況下,市場法也存在固有缺陷。因此,本文將實物期權(quán)法和文化企業(yè)并購重組估值有機結(jié)合,通過對案例進行實證研究,認為,文化企業(yè)并購重組中的實物期權(quán)價值占整體價值比重高,在實踐運用中應(yīng)充分納入并合理計量這部分價值。同時,估值應(yīng)回歸理性,各種方法應(yīng)各司其職、相互補充。雖然實物期權(quán)法在理論上和邏輯上能有效匹配文化企業(yè)在并購重組活動中的特點,更合理地衡量其價值,彌補傳統(tǒng)方法的缺失,但由于實物期權(quán)概念抽象,定價模型復(fù)雜,且實物期權(quán)法需基于傳統(tǒng)方法合理估值基礎(chǔ)才能有效運用,加之受評估行業(yè)發(fā)展相對滯后、適用法律環(huán)境等因素影響,實踐中還未推廣運用。因此,本文提出要在制度層面進行完善作為基礎(chǔ)保障,要在實踐層面大力培訓(xùn)推廣,以保證實物期權(quán)法廣泛和合理使用,以不斷完善評估實踐中的方法體系,使估值結(jié)果更合理化,更好地維護交易各方權(quán)益,促成交易雙方凝聚共識,促進更公平、有效的市場秩序建立,實物期權(quán)法的全面推廣和應(yīng)用,尚需在實踐探索中不斷前行。
[Abstract]:Based on the theory of real options, this paper studies the application of real option valuation method in mergers and acquisitions of enterprises, especially cultural enterprises, based on the theory of real options, taking the use of real options as a guide, and combining with the upsurge of M & A and reorganization of cultural enterprises in recent years. With a view to improving the relevant laws, regulations and evaluation criteria, The real options method is suitable for the real investment valuation with high flexibility or uncertainty in management decisions. The profits of cultural enterprises are mainly from copyright, copyright, copyright, etc. Intangible assets, such as trademarks and operating qualifications, not only determine the high profitability of cultural enterprises, but also determine the instability and uncertainty of returns. At the same time, cultural enterprises also face the risk of policy regulation and change. As well as the infringement of intellectual property rights, the replacement of business models, the severe situation of competition, the breakage of capital chain and other market risks, and the change of subjective preferences of consumers of cultural products has increased the uncertainty of income. In the M & A of cultural enterprises, The flexibility of enterprise management is greater, and the uncertain value and the decision flexibility value are increased, but these value influencing factors can not be fully covered in the application of cost method and income method. Therefore, this paper combines the real option method and the valuation of M & A of cultural enterprises organically, and through the empirical study of the case, we think that, The value of real options in M & A of cultural enterprises has a high proportion of the whole value, which should be fully incorporated and reasonably measured in practice. At the same time, the valuation should return to rationality, and all kinds of methods should perform their respective duties. Although the real option method can effectively match the characteristics of cultural enterprises in M & A activities in theory and logic, measure its value more reasonably and make up for the lack of traditional methods, but the concept of real options is abstract. The pricing model is complex, and the real option method can be used effectively only on the basis of reasonable valuation based on traditional methods. Moreover, it has not been popularized in practice due to the relative lag of the development of the evaluation industry, the applicable legal environment and other factors. This paper puts forward that the system should be perfected as the basic guarantee, the practice level should be vigorously trained and popularized, in order to ensure the wide and reasonable use of the real option law, to continuously improve the evaluation method system in practice, and to make the valuation results more reasonable. Better safeguarding the rights and interests of all parties to the transaction, promoting the consensus of both sides of the transaction, promoting the establishment of a fairer and more effective market order, and the comprehensive promotion and application of the real options law, it is still necessary to continue to move forward in practice and exploration.
【學(xué)位授予單位】：四川省社會科學(xué)院
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F271;F275;G124

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本文編號：1508512