Based On The Futures Brokerage Holding Company Value Of Real Options Analysis

Currently, China's futures industry is fully reshuffled and polarized, and securities companies raised carpet-acquisitions to the futures companies. The new ideas and market rules brought by the Chinese Government has pushed the market will be the promulgation of the new rules-based pushed broker-dealer holding futures company to the forefront of the market, it will become a main force of the market and will have important impact to the future futures market.To study the value of broker-dealer holding futures company, analyze the source of value and improve the choice of means, and reasonably evaluate its strategic investment value in the future market environment which is of huge uncertainty and high-level competition. These works are helpful to realize the maximization of enterprise value, dynamically reflect enterprise value-management, and more accurately value assessment in mergers and acquisitions activities. Broker-dealer holding futures company's enterprise value consists of real assets value and option value. The value of real assets can be divided into the basic value and the core value, basic value is derived from the most basic "runway transaction" functions and the ability to maintain margin safety, core value is derived from the company's future competitive strategy, the ability to integrate resources and risk control. Option value consists of futures company's futures' value and the additional option value brought by broker-dealer's mergers and acquisitions Synergy Effect. After the analysis of three main factors affecting the value of Broker-Dealer Holding Futures Company, this dissertation figure out three major approaches to realize the maximization of enterprises value, namely the choice of flexible management strategy of real options thinking, cultivate the company's core competitiveness and optimize the organizational management structure.On the quantitative assessment of Broker-Dealer Holding Futures Company's value, use real option pricing model on the basis of traditional enterprise value assessment methods, to estimate enterprise intrinsic value which includes the value of option, in order to more accurately Evaluate the value of Broker-Dealer Holding Futures Company.