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1.
实物期权理论及在企业并购价值评估中的应用 总被引：21，自引：0，他引：21
本文在对实物期权理论进行总结的基础上,针对以折现现金流法为代表的传统估价方法在企业价值评估中的不足,从一个全新的视角,研究了实物期权理论在企业并购价值评估中的应用,建立了企业并购价值评估的总体框架,利用期权定价公式对具有增长期权的企业估价进行了一些初步的研究。 相似文献
2.
实物期权思维方法是当代管理领域的核心思想之一.基于此方法的合理性和先进性,在系统分析企业并购(M&A)项目投资决策特性的基础上,建立了基于实物期权的M&A项目评价方法的分析体系,并结合实例验证了实物期权评价方法在进行此类项目投资评价时的优越性,为企业进行M&A项目战略投资提供了一个新的视角和思维方法. 相似文献
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首先介绍实物期权和高新技术企业的概念，着重说明实物期权是一种思维方法，然后对实物期权的思维方法在高新技术企业价值评估中的应用进行了分析。 相似文献
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提出了非完全市场条件下战略并购中的目标企业价值评估方法——近似评估法.通过对某光伏企业的战略并购案例进行实证分析.结果发现:该方法比传统实物期权更能提高评估效果;项目资产收益波动率对项目机会价值的评估结果产生的影响不能被忽略;传统的实物期权法高估了目标企业价值,对并购企业造成了损失. 相似文献
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基于资产评估学和企业价值评估理论,利用模糊实物期权方法对独角兽企业价值进行评估.首先,将标的资产的现行价值(S)、期权到期的执行价格(X)两个参数进行模糊化处理.然后,结合梯形模糊理论和在实物期权方法,推导出基于模糊实物期权的独角兽企业价值评估模型.最后,以一家典型的独角兽企业为例进行实证分析,验证模糊实物期权模型对于独角兽企业价值评估的适用性和可行性.结果表明,模糊数的引入克服了B-S模型参数的主观模糊性,从而更合理地评估独角兽企业的价值. 相似文献
7.
王茜 《科学学与科学技术管理》2008,29(2):51-54
从实物期权角度分析了医药生物企业研发投资的特性,通过对国内外医药生物企业研发现状的比较,基于实物期权理论说明市场时医药生物企业的认可源于对企业未来增长机会,即时医药生物企业实物期权价值的认可上。 相似文献
8.
首先介绍实物期权和价值管理的概念，着重说明实物期权是一种思维方法，然后就实物期权的思维方法在价值管理中的应用进行了分析研究。 相似文献
9.
本文引入实物期权理念对并购投资的经济评价提出一种新的视角和标准,并初步探讨如何利用期权这一工具,在并购评价和风险控制中正确估价和有效规避并购风险。 相似文献
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分析了传统方法存在的缺陷和风险企业投资的期权特征，指出对风险企业的价值评价应该使用实物期权方法，并在此基础上，建立了一个评价风险企业价值的复合期权模型，对于正确的评价风险企业价值，该模型具有一定的理论价值和现实意义。 相似文献
11.
Marjorie Armstrong-Stassen Margaret Landstrom Ramona Lumpkin 《The Information Society》1998,14(2):153-164
This study examined how students who had no prior experience with videoconferencing would react to the use of videoconferencing as an instructional medium. Students enrolled in seven different courses completed a questionnaire at the beginning of the semester and again at the end of the semester. Students at the origination and remote sites did not differ in their reactions toward videoconferencing but there was a significant difference for gender. Women reacted less favorably to videoconferencing. Compared to the beginning of the semester, students reported significantly less positive attitudes toward taking a course through videoconferencing at the end of the semester. There were no significant differences in students' attitudes toward videoconferencing across courses at the beginning of the semester but there were significant differences across the courses at the end of the semester. The results suggest the need for better preparation for both students and instructors. 相似文献
12.
A joint study by Prof. ZHANG Zhibin from the CAS Institute of Zoology his co-workers from Norway US Swiss have indicated that historical outbreaks of migratory locusts in China were associated with cold spells suggesting that China's projected climate warming could decrease the pest's numbers. The study was published in Proceedings of the National Academy of Sciences on September .…… 《中国科学院院刊(英文版)》2008,22(1):6-7
Ajoint study by Prof. ZHANG Zhibin from the CAS Institute of Zoology and his co-workers from Norway, US and Swiss have indicated that historical outbreaks of migratory locusts in China were associated with cold spells, suggesting that China＇s projected climate warming could decrease the pest＇s numbers. The study was published in Proceedings of theNational Academy of Sciences on 17 September, 2007. 相似文献
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Caroline Haythornthwaite 《The Information Society》2001,17(3):211-226
A computer-mediated group is a complex entity whose members exchange many types of information via multiple means of communication in pursuit of goals specific to their environment. Over time, they coordinate technical features of media with locally enacted use to achieve a viable working arrangement. To explore this complex interaction, a case study is presented of the social networks of interactions and media use among members of a class of computer-supported distance learners. Results show how group structures associated with project teams dominated who communicated with whom, about what, and via which media over the term, and how media came to occupy their own communication niches: Webboard for diffuse class-wide communication; Internet Relay Chat more to named others but still for general communication across the class; and e-mail primarily for intrateam communication. Face-to-face interaction, occurring only during a short on-campus session, appears to have had a catalytic effect on social and emotional exchanges. Results suggest the need to structure exchanges to balance class-wide sharing of ideas with subgroup interactions that facilitate project completion, and to provide media that support these two modes of interaction. 相似文献
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Electronic data interchange (EDI) provides means for interorganizational communication, creates network externalities, requires an advanced information technology (IT) infrastructure, and relies on standards. In the diffusion of such innovations, institutional involvement is imperative. Such institutions contain governmental agencies, national and global standardization organizations, local government, and nonprofit private organizations like industry associations. The last type of organizations we call intermediating institutions. They intermediate or coordinate ("inscribe") the activities of a group of would-be adopters. Unfortunately, little is known of how these organizations shape the EDI diffusion trajectory. In this article we examine one specific type of intermediating organizations?industry associations?and how they advanced the EDI diffusion process in the grocery sectors of Hong Kong, Denmark and Finland. We identify six institutional measures, placed into a matrix formed by the mode of involvement (influence vs. regulation) and the type of diffusion force (supply push vs. demand pull), that can be mobilized to further the EDI diffusion. Industry associations were found to be active users of all these measures to varying degrees. Their role was critical especially in knowledge building, knowledge deployment, and standard setting. Furthermore, institutional involvement varied due to policy and cultural contingencies and power dependencies. 相似文献
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Puay Tang 《The Information Society》1998,14(1):19-31
The increasing prospects of digital piracy has prompted the perceived need by electronic publishers to adopt technical systems of protection, and governments to reform their copyright laws. This article is a preliminary study of the management of intellectual property by electronic publishers, defined as those involved in the production of online databases, and CD-ROMs. It focuses on three main issues: (1) how electronic publishers view the increasing threat of piracy; (2) the methods of protection employed to protect intellectual property in digital format; and (3) the importance of technological protection of intellectual property in electronic publications. The analysis is based on a sample of 23 UK electronic publishers. The interviews revealed an interesting assortment of protection methods and did not show that technological protection was a preferred way. Instead, the means of protection, in addition to copyright law, comprised niche markets, pricing, trust, bad publicity, and nontechnical and technical means. 相似文献
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Milton Mueller 《The Information Society》2001,17(3):151-163
Long-standing conflict between domain name registrants and trademark holders prompted the Internet Corporation for Assigned Names and Numbers (ICANN) to create a global, mandatory arbitration procedure known as the Uniform Dispute Resolution Policy (UDRP). The UDRP has been used in 2166 cases involving 3938 domain names as of 1 November 2000. The policy gives the initiator of a complaint, generally a trademark holder, the right to choose which ICANN-accredited dispute resolution service provider (RSP) will handle the case. During the preparation of the UDRP,some feared that complainant selection would lead to "forum shopping" that might bias the results. This article performs a statistical assessment of the forum-shopping thesis and finds support for it. There are statistically significant differences in the various RSPs' propensity to take away names from defendants; there are also major differences in the number of cases brought to each RSP. RSPs who take away names have the larger share of cases. The study examines other variables that might explain differences in market share, such as price, the plaintiff's nationality, or the time taken to decide a case. It finds that nationality and time also are correlated with market share. The study concludes that shopping for a favorable outcome is an important factor in the UDRP. 相似文献
17.
Prof. Raymond C.K. Chen a neuropsychologist with the CAS Institute of Psychology has made novel progress in his studies of schizophrenia. His work has been reported by a recent issue of Behavioural Neurology.…… 《中国科学院院刊(英文版)》2008,22(1):15-15
Prof. Raymond C.K. Chen, a neuropsychologist with the CAS Institute of Psychology, has made novel progress in his studies of schizophrenia. His work has been reported by a recent issue of Behavioural Neurology. 相似文献
18.
《中国科学院院刊(英文版)》2014,(3)
<正>In Xishuangbanna,one of China’s most biodiverse regions,landscape has changed dramatically during the past three decades due to the conversion of tropical rainforest to rubber plantations.In steep areas,terraces are often constructed before planting rubber trees,which causes two important changes in the soil:the destabilization of soil in the bench terraces and the increased vulnerability of unvegetated riser faces to erosion.Few studies have documented the nature and intensity of erosion on bench terraces.Prof.LIU Wenjie and his colleagues from the Xishuangbanna Tropical Botanical Garden(XTBG)conducted a study in Menglun County(21°5′39″N,101°15′55″E),Xishuangbanna to evaluate the influence 相似文献
19.
Chinese Scientists Use Earth Observation Technologies to Study and Protect Wild Camels 总被引：1，自引：0，他引：1
《中国科学院院刊(英文版)》2014,(3):267-268
<正>Chinese scientists plan to apply Earth Observation technologies to protect the critically endangered wild camels(Camelus ferus).With the help of remote sensing,satellite positioning,geographical information system and wireless sensors networks,they will be able to access the distribution and population of the wild camels and protect their habitats.The project will be carried out by the International Research Center for Wild Camel Conservation,which was jointly established earlier this year by the Institute of Remote Sensing and Digital Earth(RADI)of the Chinese 相似文献
20.
WANG Sijia 《中国科学院院刊(英文版)》2014,(2):192-194
<正>The Paul Gerson Unna Research Group on Dermatogenomics was founded in October 2012 at the Partner Institute for Computational Biology.The ultimate goal of the group is to understand the biology of skin and skin appendages. 相似文献