DocumentCode :
2964645
Title :
The option-game analyses on pricing decision of the target enterprise of M&A under fuzzy information surroundings
Author :
Yu, Jing ; Xu, Bin ; Wang, Yuanhua
Author_Institution :
Res. Center on Fictitious Econ. & Data Sci., CAS, Beijing, China
fYear :
2009
fDate :
8-11 Dec. 2009
Firstpage :
754
Lastpage :
758
Abstract :
Though the price of M&A has already been studied based on classical NPV model, which is not adaptable for real uncertain situation. This paper presents a new approach of measuring the target enterprise value of M&A, consisting of two parts, one is measured by NPV model and another is measured by real options model, which can be integrated to calculate the target enterprise by introducing synergy effect coefficient into the developed model. The price of target enterprise can be attained by famous Rubenstein bargaining theorem which was improved to adapted to the fuzzy information surroundings. In last, a numeric simulation was drawn to illustrate the application of price decision formulation, and the sensitivity of price was also shown with the variability of parameters among the developed price-decision model.
Keywords :
corporate acquisitions; fuzzy set theory; game theory; pricing; NPV model; Rubenstein bargaining theorem; fuzzy information surroundings; merger and acquisition; option-game analyses; price decision formulation; pricing decision; real options model; synergy effect coefficient; target enterprise; Clothing; Content addressable storage; Corporate acquisitions; Finance; Fluctuations; Game theory; Information analysis; Measurement units; Numerical simulation; Pricing; fuzzy information surroundings; improved Rubenstein bargaining theorem; option game analyses; synergy effect coefficient;
fLanguage :
English
Publisher :
ieee
Conference_Titel :
Industrial Engineering and Engineering Management, 2009. IEEM 2009. IEEE International Conference on
Conference_Location :
Hong Kong
Print_ISBN :
978-1-4244-4869-2
Electronic_ISBN :
978-1-4244-4870-8
Type :
conf
DOI :
10.1109/IEEM.2009.5372927
Filename :
5372927
Link To Document :
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