标题: BOT垃圾资源回收厂最低营收保证价值之研究
A Study of Minimum Revenue Guarantee Value of BOT Refuse Incineration Plants
作者: 林育霖
Yu-Lin Lin
黄玉霖
Yu-Lin Huang
土木工程学系
关键字: BOT;实质选择权;复合选择权;BOT;Real Option;Compound Option
公开日期: 2005
摘要: 对于具有高度风险的BOT投资计画,政府必须给予特许公司额外的奖励措施才能吸引民间参与,因为传统净现值法无法确实衡量企业在决策上的管理弹性,所以本研究尝试以实质选择权观点出发,选取乌日垃圾资源回收厂为例,计算可能潜藏的弹性价值,其中包括放弃选择权、最低营收保证选择权和复合选择权的价值。研究结果显示,应用选择权评价模式可以得到投资计画的真正价值,避免低估的情况发生;此外,当特许公司同时拥有两种以上的选择权时,总弹性价值将会小于个别评价之和。
Since BOT projects involve substantial risks, government must afford the chartered companies some extra incentives which can attract private institutes’ participation. Due to static NPV method that cannot correctly estimate the managerial flexibility for company decisions, this study is trying to apply “Real Option” theory into Wujih Refuse Incineration Plant by calculating the potential value of managerial flexibility, which consists of the value of abandoning options, options which guarantee minimum revenues and compound options. The findings of this research show that the real option pricing model can not only accurately estimate the intrinsic value of projects, but also prevent from underestimating the real value of projects. In addition, when the chartered companies hold more than two options at the same time, total flexibility value will be less than the sum of individual options due to the interaction between each option.
URI: http://140.113.39.130/cdrfb3/record/nctu/#GT009216546
http://hdl.handle.net/11536/72546
显示于类别:Thesis