企业价值评估方法探究 ——结合Black-Scholes期权定价模型与二阶段FCFF模型
Journal: Economics DOI: 10.12238/ej.v8i4.2455
Abstract
本文系统性地研究了将Black-Scholes期权定价模型与二阶段自由现金流量(Free Cash Flow to the Firm,FCFF)模型相结合的企业价值评估方法。传统的企业价值评估多基于确定性预测,忽视了企业面对市场不确定性时的战略弹性。本文结合理论分析与实证案例,详细探讨了扩展期权对企业价值的增值效应,明确指出期权定价方法能够有效弥补传统评估模型的不足。通过对案例公司的研究,本文量化了扩展期权的价值,并综合二阶段FCFF模型的评估结果,得出更为准确且合理的企业价值估值。研究结果表明,该方法具有较高的适用性,特别是在具有战略选择空间和高度不确定性的行业中。本文还进一步分析了方法的局限性和实务中的关键注意事项,为后续研究与实践提供借鉴。
Keywords
Black-Scholes期权定价模型；二阶段FCFF模型；扩展期权
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