本文在回顾了协同效应与实物期权的相关理论基础上,提出企业并购创造的新价值——协同效应,它的价值不仅仅包括企业的内在价值,还应该包含反映企业未来不确定性收益的动态期权价值;因此,本文在传统DCF评估方法基础上采用实物期权法,对企业并购中的协同效应价值进行评估,为企业并购的决策与分析提供合理的价值参考和依据。 On the basis of reviewing the related theories of synergy and real options, this paper proposes a new value - synergetic effect created by M & A, whose value not only includes the intrinsic value of the enterprise, but also includes the dynamic that reflects the future uncertainty of the enterprise Therefore, based on the traditional DCF evaluation method, this paper uses the real option method to evaluate the value of synergy effect in M ​​& A, which provides a reasonable reference and basis for the decision-making and analysis of M & A.