公司并购估价

11[]2001223P314[]19975362001478[]2000[]C.L.C.200059CallOptionPutOption10111213{}()t;~~Pr***SSFSSSSob-==≤61415716Lander,D.M.andG.E.Pinches(1998),P537-567.1789101112∑==+=nt1t)1(CFttrV181913∑∞==+=t1t)1(tetkCFTE202114∑∞==+=t1t)1(ttWACCCFTF22[]AswathDamodaran1999231524161718)()(210dNXedNScrT--=)()(102dNSdNXeprT---=-TTrXSndss)2()(1201++=TdTTrXSndsss-=-+=1202)2()(125BS26270SpXecrT+=+-2819[]durTfppfef)1(-+=-dudp--=129[]AswathDamodara1999P142030[]2001P52-5631213233Copeland,T.,T.KollerandJ.Murrin(2000),P395.34[]AswathDamodaran1999P32322353512342336GrowthOptions242526.2728a37Trigeoris1995199619993819993929∧a40RP-=∧aaRPEquilibriumTotalExpectedRate-of-ReturnRate-of-ReturnShortfallBSd4130()tttdZdtRPVdVsa+-=RP-attttttttrFtFVFVRPrVFV=∂∂+∂∂-+∂∂)(212222s4231EIEI32),max(EIxVVE-=+++),max(EIxVVE-=---434433A1A2B2B1BT3445200272735463647483749505120019101.31522001101200231200200241920002002101200333000381200200030001080029.3%39531996-2001541999-20015556CAPMA5758(V)NPVR(V’)V’4647484950515253545556()fmifiRRRR-+=b63⎟⎟⎠⎞⎜⎜⎝⎛=-1lniiiSSu∑=-⎟⎠⎞⎜⎝⎛--=niiuuns1211⎥⎦⎤⎢⎣⎡⎟⎟⎠⎞⎜⎜⎝⎛-ΦTTSSTssm,2~ln20Tss=tss=*t