| Summary: | 碩士 === 國立交通大學 === 管理科學研究所 === 85 === Characterized by uncertainty,change and irreversible,the
realization of cashflows will probably differ from expected for
project investment.Traditionally,managers utilize the net
present value (NPV) analysis to resolve investmentproblems.It
has been shown that NPV rule is inadequate when managerial
flexibilityto adapt and revise later decisions in response
unexpected market situation cannot be captured.As new
information arrives and uncertainity about market condition and
future cash flows is gradually resolved,management may have
valuable flexibility to alter its operating strategy to
capitalize on favorable futureopportunities or mitigate losses.
The Valuation of real option,by providing a means to accounts
for managerialflexibility and strategic considerations,has
reformd corporate investment decisions making.The purpose of
this research is to develop a better understanding of realoption
in its essential features and apply it to estimate the true
value of theB.O.T.(Build,Operate,Transfer) model project.
Binomial option pricing model isused to evaluate the value of
investment projects.The result has shown that NPVrule usually
undervalued investment opportunities.It is also concluded that
the higher of volatility of the project,the valuable of the real
options.
|
|---|
