| Summary: | 碩士 === 長榮大學 === 企業管理學系碩士班 === 99 === Due to the threat of Environment change, it is an important issue to stress the technology development and investment of Low-carbon Energy. But, the method of traditional discounted cash flow ignores the flexibility value of decisions, thus underestimates the value of flexibility. We apply real options model to assess the investment decision of Low-carbon energy technology under demand uncertainty.
We show that it exist the option to defer, option to expand, option to contract, option to abandon in Low-carbon Energy Technologies Investment precision, and the Extensive-NPV is positive by calculating. The corporate apply the real option approach to assess the investment decision of Low-carbon energy technology different from the tradition method; it considers the flexibility of decision.
In the meantime, it evaluates the effect of important variable on Extensive-NPV by the numerical analysis and sensitivity analysis. It finds that the negative decision variable is investment cost, and the positive is risk free interest rate and volatility. Therefore, this paper can be a reference to evaluate the decision rule for Low-carbon Energy Technologies Investment.
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