Research On The Application Of Real Option Method In Evaluation Of Merger Value Of High-tech Enterprises

In recent years,with the rapid development of the global economy,corporate mergers and acquisitions have become a hot topic of discussion in all sectors of society."Science and technology is the first productive force" has been universally recognized around the world,in order to enhance international competitiveness and increase market share,the acquisition and acquisition of high-tech enterprises has alsoreceived attention from all sides.Whether or not the value of the acquisition enterprise can be accurately assessed determines the success of the merger.Traditional valuation methods(market method,income method and cost method)have been used before when assessing the value of an enterprise,and the most common method is income method.Traditional methods of evaluation are only analysis of the profitability of existing assets,which is a static analysis method.The real option method is a dynamic analysis method,By using real option method to evaluate the acquisition value of high and new technology enterprises,many defects of traditional valuation method can be made up.The real option method not only emphasizes the value of the strategic level brought by M & A,but also emphasizes the importance that the decision makers attach to the uncertainty of the future development.Therefore,the real option method can provide a new perspective and thinking mode for enterprises and provide guidance for decision makers to make accurate decisions.Based on the introduction of the characteristics of high-tech enterprises and the theory of merger and acquisition,this paper puts forward two methods of enterprise value evaluation--traditional valuation method and real option method.Before introducing the real option method,the concept,characteristics and types of real option are introduced.Then it introduces the applicability of the real option method in the evaluation of the value of high-tech enterprises and its comparative advantage over the traditional valuation method.At the same time,the two models of real option method,B-S model and two fork tree model,are introduced.In order to solve the deficiency of traditional valuation method,this paper puts forward the combination of cash flow posting method and real option method to evaluate the merger value of high-tech enterprises.Then this paper analyzes the 22.40 % share in the acquisition of Research and Control Technology Co.,Ltd.(Research and Control Technology)of Berch Group through the B-S model.In the case,it will show the application process of the real option method.Discovering the hidden real option and its value,highlighting the superiority of the real option method.From the preceding analysis,the following conclusions can be drawn.First,because high-tech enterprises are mainly those that profit from intangible assets such as patents,goodwill and so on,they have great uncertainty in the future,and the management decision has great flexibility,which makes the enterprises have the characteristics of real option in the merger and acquisition.Therefore,it is feasible to evaluate the value of high-tech enterprises by real option method.Secondly,compared with the traditional valuation method,the real option method takes into account the real option value contained in the management flexibility and the uncertainty of the future.At the same time,this kind of value has been quantified and analyzed,and it is operable in reality.Third,this paper's real option method is by combining the income method and the real option model,can calculate the value of the present assets and the value of the real option respectively,these two values can be added up to obtain the overall value of the enterprise,and because the case is not a complete merger.The value of the real option during and after the merger can not be exclusively shared by the M & A enterprise,so the analysis takes into account the existence of the distribution coefficient,combined with the haggling model,and according to the actual situation,assumes the value of the discount factor of the two parties to the merger and acquisition,and calculates the final value of the research and control technology.Effectively avoids undervaluation.As to how to improve the pricing of real option in high-tech enterprises,this paper also puts forward three countermeasures,such as publicizing real option law,formulating relevant standards and applying real option law rationally.