| Summary: | 碩士 === 國立彰化師範大學 === 商業教育學系 === 97 === Abstract
The TFT-LCD industry is one of the emphasized industries in Taiwan. The project of TFT-LCD possesses the characteristics of huge capital investment, technology innovation, and active competitiveness. An 8th generation TFT-LCD facility project needs large capital investment more than 30 billions dollars, which is a big burden for Taiwan TFT-LCD firms. Therefore, to evaluate ROI（return of investment）of the project shows especially important in the beginning. By analyzing past studies, the values of TFT-LCD project is really at issue now. This paper evaluated the investment values of four main TFT-LCD firms in Taiwan by using log-transferred binomial (LTB) method proposed by Trigeorgis (1991). According to the results of the paper, when the four kinds of option decision strategies, including option to defer, option to contract, option to expand, and option to abandon, are considered, the value of four kinds considered simultaneously will be larger than (1) the value of three kinds considered simultaneously, (2) the value of two kinds considered simultaneously, and (3) the value of one kind considered. In other word, the more types of option strategies are combined together at a time, the more investment values will be created by the multiple real options.
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