| Summary: | 碩士 === 國立臺北大學 === 企業管理學系 === 92 === This research evaluates the value of a project by using multiple interacting options. Because of much uncertainty in the environment , decision maker has different options for evaluating the project.
The conclusions of this research are presented as follows:
1.Expanded NPV is larger than traditional NPV. In other words,
real option is valuable in the project.
2.The options of the project in this study are option to
contract and option to expand. When evaluating the value of
the project, it has negative interacting effect between
option to contract and option to expand.
3.（1）No matter what considering only one or two options at
one time, the value of Expanded NPV will raise, as the
value of investment（V）increases. When considering two
options at one time, the value of investment（V）does
not bring about an evident effect in the value of real
options.
（2）No matter what considering only one or two options at
one time, the value of Expanded NPV will raise, as risk-
free rate（r）increases. When considering two options at
one time, as risk-free rate（r）increases, the value of
real options will raise.
（3）No matter what considering only one or two options at
one time, the value of Expanded NPV and real options
will raise, as the volatility of the project value（σ）
increases.
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