摘要
不确定性环境下跨国并购过程风险构成了风险链。分析了跨国并购风险链及其特征,认为跨国并购风险控制应该从各个环节入手,尤其是把握关键的决策过程,增加灵活性。应用实物期权方法针对跨国并购各个过程分别从状态维、时间维和成本维三个维度进行了测度分析。
The risk of the cross-border merger and acquisitions (CBM&A) constructs a risk chain in process. This article analyzes the risk chain of the CBM&A and its characteristics. It is proposed that risk control should be executed from various aspects, parlicalarly the key process, to increase decision flexibilities. The paper measures the flexibility from three dimensions of cost, time and scope by real option.
出处
《管理科学》
CSSCI
2004年第5期64-68,共5页
Journal of Management Science
关键词
跨国并购
风险链
实物期权
灵活性
Cross-border merger and acquisitions (CBM&A)
Risk chain
Flexibility
Real option
