The Analysis Of Acquiring Or Divesting A JV Based On Real-option Theory

Real option is not only a way of pricing,it is a way of thinking to understand the investment behavior and corporate strategy,it can better take into account the flexibility and flexibility of management,more realistic reflection of the practical characteristics of management.With the technological progress,the globalization of the economy,the joint venture has become one of the important strategies for the international development of enterprises.The great uncertainty of the external environment faced by the joint venture and its structural characteristics make it have obvious real options.In order to better use the joint venture strategy,managers should stand in the perspective of real options to understand the joint venture,to real options this new perspective on the joint venture strategy.In particular,according to the basic theory of joint ventures,enterprises to implement joint venture strategy is to reduce the transaction costs or to achieve the complementary resources between enterprises or through strategic ways to improve the competitiveness of enterprises.But from the enterprise in essence,the implementation of joint venture business strategy is to achieve their own interests to maximize.Whether the joint venture acquisition or divestiture,all the strategic motives are to maximize the benefits.And the joint venture between the two sides of the joint venture valuation differences,it will lead to joint ventures or divestiture of the current emergence.Then,by constructing the option model,it analyzes the relevant factors that affect the value of the acquisition or divestiture of the joint venture,and analyzes the acquisition or divestiture of the joint venture indirectly,so as to provide the theoretical guidance for the joint venture strategy of the enterprise.Main line.This paper first finds out the shortcomings of the joint venture option research by combing the research and development of the joint venture and thereal option.Based on the polynomial option pricing model and the structural characteristics of the joint venture,this paper constructs the acquisition or divestiture model of the joint venture TheAnd then analyzes the relevant factors that affect the value of the acquisition or divestiture of the joint venture by means of the method of numerical analysis,whether the acquisition or stripping price is beforehand,and then draws the corresponding conclusion and,on the basis of the conclusion,The acquisition or divestiture of an enterprise is analyzed.Finally,there is a clear analysis of whether or not the initial contract has a clear option clause and put forward some considerations to set up a joint venture contract.Through the research of this paper,we not only construct the option model of joint venture acquisition or divestiture,but also analyze the relevant factors that affect the value of acquisition or divestiture of joint venture.Through the analysis,it is found that the acquisition or divestiture of the joint venture has some unique attributes because of the change of the option value due to the change of the asset structure.The specific attributes are summarized in the specific chapters and the corresponding conclusions are formed.At the same time on the basis of these unique properties of the joint venture on the acquisition or divestiture were analyzed.This paper aims to explore the relevant characteristics of the joint venture acquisition or divestiture from the perspective of real options,with a view to providing guidance for enterprises to adopt joint venture strategy.