中文摘要：

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。

英文摘要：

This paper puts forward a method of value evaluation under the condition of incomplete market, approximate eval- uation. Based on the positive analysis of a strategic M＆A case of a photovoltaic enterprise, results find that, firstly, com- pare to the traditional real options method, this method can improve the effect of assessment. Secondly, it can not be ig- nored that the impact of earnings volatility of the project assets to the evaluation result. Thirdly, the traditional real options method overestimate value of the target enterprise, and caused the loss of M＆A companies.