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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/85399


    Title: 以實質選擇權法評估高科技產業股價
    Authors: 林家帆
    Lin, Chia-Fan
    Contributors: 陳威光
    Chen, Wei-Kuang
    林家帆
    Lin, Chia-Fan
    Keywords: 實質選擇權
    企業評價
    高科技產業
    real options
    business valuation
    high-technology industry
    Date: 2001
    Issue Date: 2016-04-18 16:27:58 (UTC+8)
    Abstract: 本研究探討以實質選擇權法評估高科技公司之股價，而如何評估企業合理的股價一直都是學者、投資人與企業亟欲探討的問題。由於高科技產業類似買權的特性，即潛在獲利高而下方風險有限(放棄選擇權)，使得採用何種股票評價模型來評估高科技產業股價更是一重要課題。一般常用來衡量企業實質價值的方法有三類：現金流量折現法、相對評價法（如本益比法）以及近年來開始發展的實質選擇權模型。但傳統的現金流量折現法會忽略了管理者的決策彈性而低估價值，本益比法會受到盈餘品質的影響；因此本研究以Schwartz和Moon(2000)連續時間之下的實質選擇權法來評估每股價值，希望在加入營運策略彈性之考慮後，求算出的模型價格能更真實地反映企業價值，並進而探討影響企業價值之關鍵因素。
    The valuation of high-growth companies has been a controversial subject both in the academic literature and financial press. Since high-tech companies have option-like characteristics and asymmetric payoffs, this paper attempts to apply real-options pricing model created by Schwartz and Moon (2000) to get the rational price of high-tech companies and look for the key value-drivers.
    Reference: 1.吳啟銘，「企業評價—個案實證分析」，智勝文化，民國90年。
    2.孫中興，「高科技產業創新技術之投資計畫評估：實質選擇權定價理論之應用」，中原大學企業管理所碩士論文，民國87年6月。
    3.葉宜生，「我國電子產業與非電子產業評價模式之比較」，中原大學企業管理所碩士論文，民國89年6月。
    4.蔣欣孜，「台灣地區半導體上市公司股票評價之研究」，政治大學企業管理所碩士論文，民國88年6月。
    5.陳怡倫，「台灣地區高科技產業上市公司股票評價模式之研究」，政治大學企業管理所碩士論文，民國86年6月。
    6.詹韻如，「網路企業評價—以亞馬遜網路商店為例」，政治大學財務管理所碩士論文，民國89年6月。
    7.四季報，工商時報資料庫中心，民國90年春季號。
    8.黃漢威，「2001年晶片組產業現況」，富邦證券研究報告，民國90年4月。
    9.「台灣IC設計業的發展歷程」，元大京華證券研究報告，民國89年10月。
    10.Brennan M., and L. Trigeorgis. 2000. Project Flexibility, Agency, and Competition: New Developments in the Theory and Application of Real Options. New York: Oxford University Press.
    11.Copeland, T., T. Koller, and J. Murrin. 1994. Valuation: Measuring and Managing the Value of Companies. New York: John Wiley& Sons.
    12.Dan Heyler.“VIA Technologies. ”Merrill Lynch research report. January 2001.
    13.Dixit, A., and R. S. Pindyck. 1995. “The Options Approach to Capital Investment.” Harvard Business Review, vol.73 (May/June), p.105-115.
    14.Kellogg, D., and J. M. Charnes. 2000. “Real-Options Valuation for a Biotechnology Company.” Financial Analysts Journal, vol.56 (May/June): p.76-84.
    15.Kester, C. 1984. “Today`s Option for Tomorrow`s Growth.” Harvard Business Review, vol.62(March/April), p.153-160.
    16.Myers, S. C. 1977.“Determinants of Corporate Borrowing.”Journal of Financial Economics, vol.5: p.147-175.
    17.Paddock, J. L., D. R. Siegel, and J. L. Smith. 1988.“Option Value of Claims on Real Assets: The Case of Offshore Petroleum Leases.” The Quarterly Journal of Economics, August, p.479-508.
    18.Schwartz E., and M. Moon. 2000. “Rational Pricing of Internet Companies.” Financial Analysts Journal, vol.56 (May/June):p.62-75.
    19.Schwartz E., and M. Moon. 2000.“Rational Pricing of Internet Companies Revisited. ” University of California at Los Angeles. (Revised September 2000)
    20.Schwartz E., and M. Moon. 2001.“Rational Pricing of Internet Companies Revisited. ” University of California at Los Angeles. (Revised April 2001)
    21.Trigeorgis, L., and S. P. Mason. 1987. “Valuing Managerial Flexibility.”Midland Corporate Finance Journal 5, no.1, p.14-21.
    22.Trigeorgis, Lenos. 1996. Real Options: Managerial Flexibility and Strategy in Resource Allocation. Cambridge, Mass: The MIT Press.
    Description: 碩士
    國立政治大學
    金融研究所
    88352003
    Source URI: http://thesis.lib.nccu.edu.tw/record/#A2002001542
    Data Type: thesis
    Appears in Collections:[Department of Money and Banking] Theses

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