政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/85358

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/85358

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政大典藏 > College of Commerce > Department of Finance > Theses > Item 140.119/85358

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/85358

Title:	以實質選擇權評估高科技產業的投資計畫
Authors:	吳志堅 Wu, Chih-Chien
Contributors:	顏錫銘吳志堅 Wu, Chih-Chien
Keywords:	實質選擇權選擇權投資計畫 real option option
Date:	2001
Issue Date:	2016-04-18 16:26:27 (UTC+8)
Abstract:	一般企業所採用的資本預算方法為傳統的現金流量折現法(DCF)，其中最常見的為淨現值法(NPV)、內部報酬率法(IRR)。單純的使用傳統的資本預算評估方式來評估投資計畫，似乎不能根據環境的變遷、景氣的循環而對投資計畫做適度的修正，因此可能根據傳統資本預算評估方式的決策法則做出錯誤的決定，喪失不少好的投資機會。此時如果可以加入實質選擇權(Real Options)的觀念，或許能夠彌補傳統評估方式的不足。
Reference:	一、國外文獻： Black, F.S. & M. Scholes , “The Pricing of Options and Corporate Liabilities”, Journal of Political Economy,Vol.81,1973. Brennan,M.& E.Schwartz,”Evaluating Natural Resource Investments”,Journal of Business,Vol.58 , No.2, 1985. Capel,J.,”A Real Options Approach to Economic Exposure Management”, Journal of International Financial Management and Accounting ,1997. Cox, j., S. Ross, & M. Rubinstein, “Option Pricing: A Simplified Approach”, Journal of Financial Economics, Vol.7 NO.3,1979. Dixit, A.K. & R.S. Pindyck, “The Option Approach to Capital Investment”, Harvard Business Review,1995. Gonzalo ,C.,E.Schwartz & M. Salinas ,”Evaluing Environmental Investments : A Real Options Approach”, Management Science,Vol.44, No8, August 1998. Majd, S. & R.S. Pindyck, “Time to Build Option Value and Investment Decisions”, Journal of Financial Economics, Vol.18, NO.1, 1987. Martha, A. & N. Kulatilaka, “Real Option: Managing Strategic Investment in an Uncertain World”,Harvard Business School Press,1999. Martha, A. & N. Kulatilaka, “Uncertainty: The new rules for Strategy”, The Journal of Business Strategy,Vol.20 Issue.3,1999. McDonald,R. L. & D. R. Siegel,”Investment and Valuation of Firms when There is an Option to Shut Down”,International Economics Review , Vol.26 , No.2, 1985 , pp.331-349. McDonald ,R. L.& D. R.Siegel,”The Value of Waiting to Invest”,The Quarterly Journal of Economics,November 1986,pp.707-727. Miles,J.A.,”Growth Options and the Real Determinations of Systematic Risk”,Journal of Business Finance and Accounting, Spring 1986,pp.95-105. Myer,S.C.& S.Majd,”Abandonment Value and Project Life” , Advances in Futures and Options Reserch , Vol.4 , 1990. Myers, S.C., “Interactions of Corporate Financing and Investment Decisions”, Journal of Finance, Vol.29, 1974. Myers, S.C., “Determinants of Corporate Borrowing”, Journal of Financial Economics, NO.2, 1977. Myers, S.C., “Financial Theory and Financial Strategy”, Midland Corporate Finance Journal, NO.1, 1987. Piet, S., & U. Raman, “International Capital Budgeting Using Option Pricing Theory”, Managerial Finance, Vol.20, NO.8, 1994. Pindyck, R. S., “Irreversibility, Uncertainty, and Investment”, Journal of Economic Literature”, Vol.29, 1991. Steven, R. G., & M. W. Allen, “Investment in Technological Innovation : An Option Pricing Approach”, Journal of Financial Economics, Vol.44, 1997. Trigeorgis, L. “A Log-Transformed Binomial Numerical Analysis Method for Valuing Complex Multi-Option Investments”, Journal of Financial and Quantitative Analysis, Vol.26, NO.3, 1991. Trigeorgis, L. “Real Option and Interactions with Financial Flexibility”, Financial Management, Vol.22, NO.3, 1993. Trigeorgis, L. “Real Options：Managerial Flexibility and Strategy in Resource Allocation”, The MIT Press,1996. Trigeorgis, L. & S.P. Mason, “Valuing Managerial Flexibility and Strategy in Resource Allocation”, Mildland Corporate Journal 5, NO.1, 1997. 二、國內文獻：王銘杰，「應用選擇權定價模式評估BOT投資計畫」，交通大學管理科學研究所碩士論文民國86年。王健安，「資本投資計畫評核術的新觀念-實質選擇權之理論與實證方法的文獻回顧」，台灣土地金融季刊第三十五卷第四期，民國87年12月。李存修，「選擇權之交易實務、投資策略與評價模式」，財團法人中華民國證券暨期貨市場發展基金會，民國82年8月。林逸群，「實質選擇權在資本預算之應用研究-以橡膠業設廠投資個案為例」，台灣科技大學管理技術研究所碩士論文，民國87年。林建成，「寬頻網路投資案之成長價值評估以實質選擇權觀點評估東森多媒體公司」，政治大學企研所碩士論文，民國89年6月。周麗娟、張大成，「金融選擇權與實質選擇權」，台北銀行月刊第二十八卷第三期，民國87年3月。徐守德、黃玉娟、陳伯蒼，「投資計畫評估-選擇權評價理論之應用」管理評論，第十七卷第三期，民國87年10月。郭志強，「實質選擇權在BOT專案計畫之應用研究」，台灣科技大學管理技術研究所碩士論文，民國86年。陳宥杉，「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」，政治大學企業管理學系碩士論文，民國88年。陳伯蒼，「投資計畫評估-選擇權評價理論之應用」，中山大學財務管理研究所碩士論文，民國86年。蔡進國，「實質選擇權在土地評價上之應用-傳統評估方法與實質選擇權法之分析比較」，台灣大學財務金融研究所碩士論文，民國86年。
Description:	碩士國立政治大學財務管理研究所 88357011
Source URI:	http://thesis.lib.nccu.edu.tw/record/#A2002001568
Data Type:	thesis
Appears in Collections:	[Department of Finance] Theses

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