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    政大機構典藏 > 商學院 > 企業管理學系 > 學位論文 >  Item 140.119/85730
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/85730


    Title: 以實質選擇權評價模式評估台灣高鐵公司BOT案之等待價值
    Authors: 陳宥杉
    Chen, Youshan
    Contributors: 顏錫銘
    黃國誠

    陳宥杉
    Youshan Chen
    Keywords: 實質選擇權
    台灣高鐵
    專案投資
    等待價值
    遞延選擇權
    選擇權
    資本投資
    公共建設
    real option
    BOT
    waiting value
    Date: 1998
    Issue Date: 2016-04-20 16:46:08 (UTC+8)
    Abstract:   近年來在政府財政拮据的情形下,以BOT模式進行民間機構參與公共工程計畫已成為時勢所趨,但是BOT計劃的投資風險相當大,所面臨的投資環境的不確定性相當高。此時若以傳統NPV法來評估投資計劃的價值時,無法把管理者所擁有的『管理彈性』的選擇權價值考慮進來,而造成投資計劃真正價值被低估的情形。隨著實質選擇權相關理論的興起,可以用來評估管理者所擁有的『管理彈性』的選擇權價值,加上傳統的NPV值之後,即是所謂的『Expanded NPV』。『Expanded NPV』有考量管理者所擁有的管理彈性選擇權的價值,可以顯示投資計劃的真正價值,與傳統的NPV一起提供給決策者參考的話,可使決策者作出更精確的判斷。
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    Description: 碩士
    國立政治大學
    企業管理學系
    86355002
    Source URI: http://thesis.lib.nccu.edu.tw/record/#B2002001326
    Data Type: thesis
    Appears in Collections:[企業管理學系] 學位論文

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