通過資產(chǎn)重組促使困境企業(yè)實(shí)現(xiàn)價值增值的期權(quán)博弈分析方法.pdf

1、重慶大學(xué)碩士學(xué)位論文通過資產(chǎn)重組促使困境企業(yè)實(shí)現(xiàn)價值增值的期權(quán)博弈分析方法姓名：段隱華申請學(xué)位級別：碩士專業(yè)：應(yīng)用數(shù)學(xué)指導(dǎo)教師：傅強(qiáng)20060401重慶大學(xué)碩士學(xué)位論文英文摘要IIABSTRACTInthecourseofthedevelopmentlookedftheexistencethedevelopmentfirmcannotonlyhavetheprimecompetentaccdingtoitsresourcesknowle

2、dgetechnologybutalsotakeintoconsiderationofitsoperatingcircumstance﹒Firmoperatehowtoadopttheneedsoftheoutercircumstanceinnercompetencetheoperationaimsimplementitsstrategicdecisionsotheyrealizetheaimofthecontinuousincreas

3、e.Itisahugechallengefanyfirm.Thosethatincludetheimplementtheestaterecoursestheadministrativeabilitysaletacticsareweakcausefthefallingfirm.Mostimptantlytheycannotrealizethechangeofthecircumstancerefmthemselveswiththechang

4、eofthecircumstance.Abasicpartofthefirmoperationisinvestment.ThetraditionalinvestmentdecisionmethodsrepresentedbyPresentValuemethodignethestrategicvalueofcreatingfollowinggrowthopptunitiestheflexibilitytoadjustaccdingtoth

5、emarketchanges.RealOptionsTheyregardsallkindsofinvestmentopptunitiesmanagementflexibilityasoptionprovidesapracticalqualitativetool.Itisagreatprogressofinvestmentdecisiontheies.OptionGameTheyisthelatestdevelopmentwhichcom

6、binesoptionpricingtheygametheytoinvestscientifically.AsastartingpointIintroducetherealoptionstheyonthebasisofthetraditionalNPVmethodthegametheyonthebasisoftherealoptionstheyoftheinvestment.ThenIquotethepartialdifferentia

7、lequationoftheinvestmentchancetheinvestmenttimingofthemonopolyfirmbythedynamicprogrammingtherealoptionsmethodsdevelopthecomparativestatic’sanalysis.InparticularIuseaverseoftheinvestmenttimimgoftheentrancetheexitofthemono

8、polyfirmbytherealoptionsmethod.InthepresentarticleIdesigntwomodelswhichcombinetherealoptionsmethodwiththegamemethodundertheuncertaintythecompetitionemphasizinglyconsiderthatthefallingfirmrealizethevalueincreasethroughthe

9、assetrestructuring.Ianalyzetheeffectofthevalueincreasethatfallingfirmexitacceptthemergerbytherealoptionsgamemethodderivetheoptimalexittimingfromthismethoddevelopthegameanalysisthatthefallingfirmacceptthemergeritsopponent