| Summary: | 碩士 === 國立雲林科技大學 === 會計系碩士班 === 101 === There has been a growing trend in recent years for governments in many countries to place major public investments, particularly the land of governmence for infrastructure projects, into the private sector. Many have adopted the ‘Build-Operate-Transfer’, or BOT approach, so that the private sector have to operate the plant and transfer the ownership to the government after a specified concession period. Traditional project evaluation based on discounted cash flow analysis ignores the upside potentials to an investment from managerial flexibility. The managerial flexibility was evaluated by the Option to Wait. This paper deals with the various the Option to Wait and the NPV approach.
By this article of empirical research, the static NPV is 10,501,617(thousand dollars), the value of Real Option14,524,322(thousand dollars) and Expanded NPV is 205,025,993(thousand dollars)。there were two aspects about cash inflow and cash outflow. In cash inflow, there were no effect about the option to defer value with the changes of both “Financing cash inflow” and “Business income cash inflow”. In cash outflow ,the option to defer is negative with “Builting cost cash outflow”.On the other hand “the business cost and the expense cash outflow” is nonlinear relationship with the option to defer is positive.
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