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研究生:鄭錫聰
研究生(外文):Cheng, Hsi-tsung
論文名稱:電子資訊業廠商策略性投資之研究-實質選擇觀點
論文名稱(外文):The Determinants of Strategic Investment in Electronics and Information Industries - A Real Option Perspective
指導教授:李吉仁李吉仁引用關係
指導教授(外文):Lee, Jiren
學位類別:碩士
校院名稱:國立臺灣大學
系所名稱:國際企業學研究所
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2000
畢業學年度:88
語文別:中文
論文頁數:95
中文關鍵詞:實質選擇權策略彈性策略性投資
外文關鍵詞:real optionstrategic flexibilitystrategic investment
相關次數:
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本論文主要是運用實質選擇權理論的觀點探討企業進行策略性投資時,影響小股權涉入或直接收購的系統性因素,並運用理論觀點說明以小股權涉入的投資方式,可以為企業帶來的後續投資決策之彈性。根據此一理論觀點,本研究將小股權涉入的投資方式視為持有遞延、階段性投資的選擇權,分別在產業成長機會、被投資企業類型、母公司特徵三個方面,確立影響企業以小股權涉入方式投資的因素,並以國內電子資訊業於1993到1998年之間,曾出現在其長期股權投資之列的242個投資案做為樣本,進行實證分析。
研究結果顯示企業在市場遠景看好之時,對小股權涉入發生機率有正向的影響,而市場風險越高,企業也會傾向以小股權方式進行策略性投資。其次,企業投資在價值鍊上的活動中,以核心能力的建立為依歸,其中關鍵零組件會隨著核心產品而變動,因此在供應商的策略性投資最有可能以小股權方式涉入。最後,企業本身的特徵也會影響策略性投資的行為準則,本研究發現企業過去的投資經驗降低了選擇權的價值,提昇了企業直接收購策略性投資的誘因。
有關選擇權帶給企業管理彈性之關係研究,結果顯示在當初以小股權涉入的投資個案中,企業會在策略性投資標的所處產業遠景良好、市場波動相對穩定時執行選擇權,也就是加碼或收購該策略性投資,但是一開始就直接收購的策略性投資則無法對相同的市場訊息做出反應。另外,在維持現況的策略性投資樣本中,結果顯示持有選擇權之企業對虧損的容忍程度較高,可以在新興或困難市場中堅持較久,然而直接收購的策略性投資對於市場的反應則不會得到相同的結果,說明企業持有選擇權,會帶給企業更高的管理彈性,具有較充分的自由對於市場的訊息做出正確的回應。
針對以上之研究結果,本研究以選擇權的觀點,提出對企業進行策略性投資時,股權涉入多寡之分析建議,並對企業建立彈性能力的方式有更進一步的探討。
This study attempts to systematically explore the determinants of strategic investment undertaken by technology-based companies from the real option theory. Specifically, we evaluate the potential effects of flexibility on subsequent decisions due to its prior, minority investments on new ventures. The real option theory suggests a minority investment could be regarded as an option for deferred- or staged-investment decisions. Based on this theoretical lens, we specify a research framework and adequate constructs pertaining to three major categories, they are the industry growth opportunity, investment types, and firm characteristics, under which our testable hypotheses are drawn. The empirical context is in electronics and computer industries in Taiwan, of which 242 corporate long-term investment projects made by manufacturing companies during 1993-1998 are identified.
Our empirical results show a high degree of consistency between theoretical predictions and empirical evidence. First, a firm will tend to engage in minority investment when the growth potential and the volatility of the industries invested are high. Second, the relationship between new venture and the existing business will have implications on whether the focal firm will adopt minority investment. Firms will tend to adopt minority investments when they enter into the upstream stages of the industry value chain. Third, the empirical outcomes also show that a firm’s prior investment experience will significantly reduce the option value of undertaking minority investment for later investment initiatives. In other words, wholly-owned acquisitions are more likely to occur for experience firms.
In addition, the present research also evidences that the impact of contextual variables on the existence of decision flexibility is significant. Our results show that, compared to those of wholly-owned acquisition cases, a firm who undertook minority investments will be more likely to either increase it equity commitment on the venture or further acquire the venture when the growth potential keeps in good shape and the market volatility keeps downward. Meanwhile, for those cases who maintain its original level of equity investments tend to be able to sustain a higher level of business losses while they are not in wholly-owned acquisition cases. Overall, this set of empirical outcomes clearly indicates the existence of decision flexibility by regarding a minority investment as a real option. Suggestions and implications based on our findings are also discussed.
第一章 緒論 1
第一節 研究動機 1
第二節 研究問題 2
第三節 研究目的 4
第四節 研究範圍 5
第五節 研究流程 5
第二章 文獻探討 7
第一節 彈性能力與策略性投資 7
第二節 實質選擇權理論 12
第三節 投入承諾的效益與風險 23
第四節 小結 31
第三章 研究設計 33
第一節 觀念性架構 33
第二節 研究設計與假說建立 36
第三節 樣本選取與資料來源 46
第四節 變數衡量與統計方法 50
第五節 研究限制 55
第四章 研究結果 57
第一節 股權涉入模式結果分析 57
第二節 執行選擇權之實證模式 65
第三節 結果討論與比較 76
第五章 結論與建議 82
第一節 研究結論 83
第二節 建議 86
第三節 後續研究建議 88
參考文獻 90
作者簡歷 95
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