Độ lệch chuẩn trở lại cũng cho thấy rất nhiều biến đổi. Mặc dù có những hạn chế, nó xuất hiện rằng nguy cơ công ty cụ thể là đáng kể và nên là một phần của bất kỳ chi phí tính toán vốn chủ sở hữu. | 120 PRINCIPLES OF PRIVATE FIRM VALUATION synergies could be worth as much as 200. Remember that the present value of the veterinary practice s cash flows under current management is worth only 100. To generate as much as an additional 100 the new buyer estimates that an additional 50 of investment would be required. As we show next this synergy investment can be valued as a call option on additional firm assets. For argument s sake let us assume that the synergy and pure control options are worth 14 and 11 respectively. What is the minimum control value the target will accept and the maximum control value the strategic buyer would be willing to pay The minimum control value is the value of the pure control option 11. The maximum control value is 25 of which 11 is the value of pure control and 14 is the value of the synergy option. As a practical matter how much the strategic buyer will actually pay depends on the acquirer s bargaining power relative to the bargaining power of the target. What we know from recent studies of private firm acquisitions by public firms is that private firm targets generally have less bargaining power than their public firm This means that private firms appear to be receiving less then they might and public firms are retaining more of the expected wealth creation that occurs as a result of the acquisition. The Option Pricing Model In this section we use the non-dividend-paying version of the Black-Scholes option pricing model to value each of the components of the control premium. Equation shows the basic equations. TCP CPp CPs CPj v X N d1 - X X e-T X Nd j p s d1 ln Vo X r ơ2 2 X T ơ X T0 5 7 1 d2 d1 - ơ X T0 5 N di 1 2n0-5 Ịd e X- dX i 1 2 where TCP the total value of control CPp the value of pure control CPs the value of the synergy control option or the value of a call option on additional assets needed to execute the acquirer s strategy v0 the value of the target firm s cash flows as a stand-alone entity Estimating .
