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Please use this identifier to cite or link to this item: http://ntour.ntou.edu.tw:8080/ir/handle/987654321/16722

Title: 實質選擇權在新事業開發應用之研究-以臺電公司基隆區營業處服務中心為例
A Study on the Evaluation of New Business with Real Option Method-A Case Study of Keelung Branch Service Center of Taiwan Power Company
Authors: Hsi-Kun Chen
Contributors: NTOU:Department of Shipping and Transportation Management
Keywords: 實質選擇權;新事業;策略聯盟;多角化;便利商店
Real Options;New Business;Strategic Alliance;Diversification;Convenience Store
Date: 2003
Issue Date: 2011-06-30T08:41:32Z
Abstract: 以財務觀點而言,傳統之「現金流量折現法(DCF)」及「淨現值法(NPV)」較缺乏彈性;而「實質選擇權」係存在於實質資產投資計畫中,且具有「選擇權」性質的權利,即買方有權於未來以一定之價格取得或出售實質資產投資計畫,其和NPV 法最大不同,在於將管理上的彈性(Managerial Flexibility)列入評估投資決策時的考量;可分為遞延投資、繼續投資、改變營運規模(含擴張、縮減、暫時中止)、放棄、轉換、成長及多重交互影響等多種選擇權。 由於國內許多封閉型商圈仍持續成長,服務品項也還有發展空間,再加上非連鎖加盟的小型店仍多,故便利商店市場仍大有可為。而臺電公司為落實多角化及積極開發新事業,可充分運用既有營業據點分佈全國之特性,與優良之連鎖加盟便利商店業者或臺糖、中油等國營事業策略連盟,成立「複合異業連鎖結盟便利商店」,藉以建構臺電公司投資新事業之合理決策模式。 本研究係利用「實質選擇權」方法,評估臺電公司成立「複合異業連鎖結盟便利商店」之專案投資過程;經加入具彈性之選擇權價值後,可讓決策者在不確定的環境下,做出更正確的投資決策。
In regard to the finance standpoint, the traditional " Discounted cash flow (DCF)" and " Net present value (NPV)" lack of the flexibility more; But " Real option" means to exist in the substance property investment project and have the right of " option" property, namely the buyer contains the power to obtain or sell the substance property investment plans with a certain price in the future. The biggest difference from with NPV is that it lies in taking the flexibility (the Managerial Flexibility) on the management into the consideration of the investment decision; It has option to defer, time-to-build option, option to alter operating scale (contain to option to expand, option to contract, option to shut down), option to abandon, option to switch, growth option and multiple interacting option etc. Because a business' turn of many closings of home still grows up contiguously, the service article item also still has the development space, and not chained franchises and small scaled store are still many, so convenience store market's still have great development. And for carrying out diversification and developing the new business actively, Taiwan Power Company can make use of the characteristic that the current business base distributes the whole country and ally with the good chained franchises convenience store operator or state-run business strategic alliance of Taiwan Sugar Corp., Chinese Petroleum Corp....etc. to establish" the compound and different lines chained forms alliance convenience store", to construct reasonable decision model for investing new business of Taiwan Power Company. The case study of this research use the "Real Options" method to evaluate the investment process of project that Taiwan Power Company Keelung Branch Service Center establishes" the compound and different lines chained forms alliance convenience store". After join the option value with flexibility, it can let the decision maker to make the righter investment decision under the environment of indetermination.
URI: http://ethesys.lib.ntou.edu.tw/cdrfb3/record/#G0T91410021
Appears in Collections:[航運管理學系] 博碩士論文

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