Research On The Real Option Evaluation Of The Bankruptcy Restructuring Enterprise Equity Value

Since our country bankruptcy law to set up the bankruptcy reorganization system,has 55 listed companies through the bankruptcy reorganization road to reach the company,with the deepening of the comprehensively deepen reform and the increase of the degree of competition between enterprises more and more companies are facing bankruptcy,the reorganization system will be more and more attention.But in practice,the bankruptcy reorganization system is facing many problems,especially the most concerned about the debt servicing ratio of creditors as well as the merits of the debt repayment scheme and fair judgment,the bankruptcy restructuring enterprises equity valuation.This paper studies the value of the enterprise by the value of the enterprise,and analyzes the value of the enterprise.First 55 reforming successful companies by comparing analysis,sums up the characteristics of the bankrupt enterprise,and then by the bankrupt enterprise value of equity and debt servicing ratio and debt method,the correlation of summed up the assessment of the meaning of the bankruptcy restructuring enterprises equity value and importance.Then the analysis of traditional evaluation methods in the evaluation of the problems and difficulties,sums up the difficulties of the bankruptcy restructuring enterprises equity valuation,then introduce the real option theory and the pricing model,the applicability of real options are analyzed in detail for this problem,and through the case analysis,B-S model is practical,and emphatically discussed the evaluation ideas,assumptions,and the determination of parameters and selection.Finally it is concluded that application of real option method can better reflect the future development of uncertainty and value brought by the flexible management,the evaluation result more scientific and reasonable.