The aim of this paper is to present an introduction of the subject of real options as applied to M&A context and give a new advanced pricing method to the flourishing capital market of China.

• 文章写作的主要贡献和目的是将实物期权这种比较先进的定价思想引入到企业并购决策中，为我国繁荣的并购市场加入一种新颖的决策工具，使得交易的设计更加完善。