實質選擇權與策略投資個案評估

Abstract

Technology companies today have to embrace new technology to generate future income. Due to market uncertainty, being the first mover may not result in strategic or financial advantage in an unfavorable market condition. Conversely being late in the competition, may result in no market share for profit and growth. Success depends on the condition of the market. The challenge for managers is the timing to choose to adapt the technology and the type of technology to be employed. In this paper, real option valuation in the context of strategic planning is used to tackle this challenge. Methods proposed in this paper show that managers can quantify market uncertainty which can help to optimize the investment financial and strategic value of new technology investment.