| Summary: | 碩士 === 大仁科技大學 === 休閒健康管理研究所 === 98 === Demand fluctuation is the characteristic of Leisure industry. The managers tend to use labor flexibility in reaction to the volatility of the market environment. The study combines the concept of real options and the utilization of human resources. Therefore, this study applies the concept of defer option to evaluate the value of management flexibility through binomial option pricing model.
After estimating the model parameters with the historical data of Janfusun FancyWorld and Leofoo Village, the value is derived. This study does not only indicate that this option is an call option, but also the value can be evaluated by real option model. The result showes that the more volatile the market environment, the higher the option value; the higher the cost of temporary workers, the lower the option value. Moreover, this study demonstrates the management flexibility is valuable.
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