請用此 Handle URI 來引用此文件:
http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/23161
完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 李書行 | |
dc.contributor.author | Fei-Chieh Yang | en |
dc.contributor.author | 楊斐杰 | zh_TW |
dc.date.accessioned | 2021-06-08T04:45:03Z | - |
dc.date.copyright | 2009-08-06 | |
dc.date.issued | 2009 | |
dc.date.submitted | 2009-08-03 | |
dc.identifier.citation | 參考文獻
中文文獻 1. 王淑芬,「企業評價」,民國九十五年,pp319-339 2. 林左裕 、曾建智,「不確定狀況下實質選擇權於家計單位購屋決策之理論應用」,朝陽科技大學,民國 九十年。 3. 林則孟、林大欽,「邏輯IC測試廠短期生產排程之探討」,清華大學工工所碩士論文,民國八十六年。 4. 施能仁、施若竹、施純楨,「衍生性金融工具」,民國九十七年,pp381-416 5. 郭又寧,「運用實質選擇權來探討廠商在投資量受限制之下的投資行為」,國立東華大學國際經濟研究所碩士論文,民國九十三年。 6. 莊倉杰,「實質選擇權芝應用- 以擴廠計畫為例」,東海大學企業管理研究所碩士論文,民國八十九年。 7. 陳宥杉,「以實質選擇權評價模式評估台灣高鐵公司 BOT 案之等待價值」,政治大學企業管理學系碩士論文,民國 八十八年。 8. 陳為謙,「管理彈性之價值-應用模糊實質選擇權於投資專案評價」,國立台灣科技大學資訊管理系碩士論文,民國九十五年。 9. 彭國柱,「2008年台灣IC製造業回顧與展望」,IEK 研究報告,民國九十七年。 10. 廖四郎、陳坤銘、鄭宗松,「最適投資決策與產品生命週期-實質選擇權分析法」,中山管理評論,民國九十四年。 英文文獻 1. Aswath damodaran, “The Promise and Peril of Real Options”,Stern school of business 1999,pp.7-15. 2. Bettis, R.A. and Hitt, M.A, 'The New Competitive Landscape', Strategic Management Journal, 1995, pp. 7-19. 3. Bjerksund, P., and S. Ekern. 'Managing Investment Opportunities Under Price Uncertainty: From 'Last Chance' to 'Wait and See' Strategies', Financial Management 1990, pp. 65-83. 4. Black, F., and M. Scholes 'The Pricing of Options and Corporate Liabilities', Journal of Political Economy 81 , 1973, pp. 637 659. 5. Brennan, M., and E. Schwartz 'A New Approach to Evaluating Natural Resource Investments' Midland Corporate Finance Journal 1985, pp. 37-47. 6. Brennan, M.J. and L.Trigeorgis,” Project Flexibility, Agency, and Competition”, Oxford University Press, Oxford. 2000. 7. Carruth, A., A. Dickerson and A. Henley , “What Do We Know About Investment Under Uncertainty?” ,Journal Of Economic Surveys, 2000, pp. 119-153. 8. Chatwin, R., Bonduelle, Y., Goodchild, A., Harmon, F. and Mazzuco, J. “Real Option Valuation for E-business: a Case Study, Real Options and Business Strategy : Applications to Decision-making”, Trigeoris, L. Edited. 1999. 9. Clemons, E.K.,. “Evaluation of strategic investments in information technology”, Communications of the ACM, , 1991, pp. 22 – 36. 10. Cox, J., S. Ross, and M. Rubinstein 'Option Pricing: A Simplified Approach' Journal of Financial Economics 1979, pp. 229 263. 11. Dixit, A., and R. S. Pindyck” Investment Under Uncertainty “ Princeton, NJ: Princeton University Press. 1994. 12. Huang & Litzemberger “Foundations for Financial Economics” Elsevier Science Publishers Co., Inc., 1988 13. Kogut, B., and N. Kulatilaka 'Operating Flexibility, Global Manufacturing, and the Option Value of a Multinational Networ,' Management Science 1994, pp. 123-139. 14. Levy, H. & M. Sarnat “Portfolio and Investment Selection: Theory and Practice” Prentice,Hall International, Englewood Cliffs, NJ, 1984. 15. Luehrman, Timothy A., “Strategy as a Portfolio of Real Options”, Harvard Business Review September-October 1998, pp.89-99. 16. Luehrman, Timothy A., “Investment Opportunities as Real Options : Getting started on the numbers”, Harvard Business Review June-August 1998, pp.51-67. 17. Martha Amram “Value Sweep : Mapping Corporate Growth Opportunities” ISBN 986-7458-16-8. 18. McGrath, R. G.. 'A Real Options Logic for Initiating Technology Positioning Investments' Academy of Management Review, 1997, pp. 974-996. 19. Michael E. Raynor “The Strategy Paradox: Why Committing to Success Leads to Failure, and What to Do About It” ISBN 978-986-84265-6-6, pp. 269-308. 20. Myers, S. C. (1977). 'Determinants of Corporate Borrowing' Journal of Financial Economics 1977, pp. 147-176. 21. P. G. Berger, E. Ofek, I. Swary “Investor Valuation of the Abandonment Option” 1996. 22. Paddock, J., D. Siegel, and J. Smith (1988). 'Option Valuation of Claims on Physical Assets: The Case of Offshore Petroleum Lease' Quarterly Journal of Economics 1988, pp. 479-508. 23. Pindyck, R. (1988). 'Irreversible Investment, Capacity Choice, and the Value of the Firm' American Economic Review 1988, pp. 969-985. 24. Pindyck, R. (1991). 'Irreversibility, Uncertainty, and Investment' Journal of Economic Literature ,1991, pp. 1110-1148. 25. Tom Copeland, Vladimir Antikarov “Real Options: A Practitioner’s Guide” ISBN 957-609-489-5, pp. 73-193. 26. Trigeorgis, L., and S. P. Mason 'Valuing Managerial Flexibility' Midland Corporate Finance Journal ,1987, pp. 14 21. 27. Trigeorgis, L. 'A Conceptual Options Framework for Capital Budgeting' Advances in Futures and Options , 1988, pp.145 167. 28. Trigeorgis, L. 'Valuing the Impact of Uncertain Competitive Arrivals on Deferrable Real Investment Opportunitie,' Working Paper, Boston University. 1990. 29. Trigeorgis, L.. 'The Nature of Option Interactions and the Valuation of Investments with Multiple Real Options' Journal of Financial and Quantitative Analysis ,1993, pp. 1-20 . 30. Trigeorgis, L. 'Real Options and Interactions with Financial Flexibility' Financial Management 22,1993, pp. 202-224. 31. Trigeorgis, L. “ Real options: Managerial flexibility and strategy in resource allocation”,MIT Press. 1996. 32. Trigeorgis, L. “Real Options”, MIT Press, USA. 1997. | |
dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/23161 | - |
dc.description.abstract | 產業在面臨重大的投資決策時,由於投資案本身需要投入龐大的資金成本,而且具有不可逆性,再加上產業需求的波動性所帶來的不確定性風險,因此策略投資決策就必須要有適當的決策分析方法,來降低風險以及提高管理的彈性。在本篇的研究探討是半導體測試產業在面臨需求不確定的情況下,如何做最適當的投資決策,以及如何運用等待選擇權的管理彈性來降低風險。
半導體測試產業需要大量的固定資本投資,產業間彼此的差異性不大,廠商之間競爭是以成本為主,多角化的產業鏈垂直整合比較不容易,產業的需求波動性與半導體產業之景氣有正相關,因此投資的最佳決策模型包括經濟規模以降低成本的決策模型,或是等待的實質選擇權決策模型等決定了廠商最大的獲利來源。除了投資決策之外,適當的管理彈性來主動規避風險也是廠商提升競爭力的方法,包括應用外包,內包,標準化,改變產業結構或是產業策略結盟都是提升管理彈性的方法。 本研究由實質選擇權的角度出發,考量在需求變動不確定的環境之下,運用摸擬的方式,分析不同的策略投資決策在彈性的投資時點所產生的價值,以及如何增進管理彈性的價值,作為管理者決策的依據。並且由決策的模型裏面,分析各種產業變數來了解半導體測試產業的關鍵控制因素,做為管理的優先次序。 | zh_TW |
dc.description.abstract | The industry, while making the great investment decision, needed putting into the huge fund cost. Also the investment has irreversibility and market demand fluctuation induced the uncertainty and risk, so there must be proper decision analytical methods in the investment decision process to reduce the risk and improving managerial flexibility. This paper is probed into the semiconductor testing industry optimized investment decision making under uncertain market conditions and how to use the wait real option of managerial flexibility to reduce the risk.
The semiconductor testing industry highly involved the capital investment and there is no mutual operation difference neither the vertical integration to maximize the value chain positioning but as the cost competition. The market condition is highly correlated to semiconductor industry volatility so the best investment decision model includes economic scale to lower the cost or wait real option to optimize the investment timing to capture the maximized profit. Besides the investment decision, proper managerial flexibility can reduce risk actively to enhance the competition including outsourcing, in-sourcing, standardization, restructure the industry value chain or alliance with partners. This research is base on real option to use the simulation approach by considering the market demand volatility results the value of different investment decisions with managerial flexibility, and provides the manager actively flexible management benefit. From the decision making model also analyzing different variables and scenarios as management priority. | en |
dc.description.provenance | Made available in DSpace on 2021-06-08T04:45:03Z (GMT). No. of bitstreams: 1 ntu-98-P96744012-1.pdf: 1761098 bytes, checksum: 60f952ca86458c3c5868eb8f5ed0df7c (MD5) Previous issue date: 2009 | en |
dc.description.tableofcontents | 目 錄
論文口試委員審定書 II 謝 辭 III 中文摘要 IV ABSTRACT V 目 錄 VII 圖目錄 VIII 表目錄 X 第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的 4 第三節 研究架構 5 第二章 文獻探討 7 第一節 實質選擇權的理論模式 7 第二節 實質選擇權的種類 12 第三節 投資決策方法與評價 17 第四節 不確定性評估 27 第五節 策略管理彈性 29 第三章 研究設計與決策模型 38 第一節 半導體測試產業成本訂價分析參數 38 第二節 半導體測試產業成長預估模型 41 第三節 投資決策模型 45 第四節 半導體測試產業相關資料 53 第四章 決策模擬結果與分析 60 第一節 決策模擬結果 63 第二節 相關參數分析 77 第三節 決策分析 90 第四節 台灣半導體測試廠商之投資模式研究 93 第五章 結論與建議 97 第一節 研究結論 97 第二節 研究限制 99 第三節 研究建議 101 參考文獻 103 中文文獻 103 英文文獻 104 | |
dc.language.iso | zh-TW | |
dc.title | 不確定下半導體測試產業之最適投資決策研究 | zh_TW |
dc.title | The Optimal Investment Decision in Semiconductor Testing Industry Under Uncertainty | en |
dc.type | Thesis | |
dc.date.schoolyear | 97-2 | |
dc.description.degree | 碩士 | |
dc.contributor.oralexamcommittee | 歐進士,余峻瑜 | |
dc.subject.keyword | 實質選擇權,不確定性風險,管理彈性,策略決策,外包, | zh_TW |
dc.subject.keyword | Real option,Uncertainty,Managerial flexibility,Strategic decision making, | en |
dc.relation.page | 107 | |
dc.rights.note | 未授權 | |
dc.date.accepted | 2009-08-03 | |
dc.contributor.author-college | 管理學院 | zh_TW |
dc.contributor.author-dept | 會計與管理決策組 | zh_TW |
顯示於系所單位: | 會計與管理決策組 |
文件中的檔案:
檔案 | 大小 | 格式 | |
---|---|---|---|
ntu-98-1.pdf 目前未授權公開取用 | 1.72 MB | Adobe PDF |
系統中的文件,除了特別指名其著作權條款之外,均受到著作權保護,並且保留所有的權利。