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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:	[Department of Business Administation] Theses

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