To evaluate the project value from the perspective of multiple interacting options － the excample of AU Optronics

• Main Authors: Chih-Yan Chen, 陳志彥
• Other Authors: Ching Lin
• Format: Others
• Language: zh-TW
• Published: 2004
• Online Access: http://ndltd.ncl.edu.tw/handle/34711024194844795549

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.