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研究生(外文):Cheng, Hsi-tsung
論文名稱(外文):The Determinants of Strategic Investment in Electronics and Information Industries - A Real Option Perspective
指導教授(外文):Lee, Jiren
外文關鍵詞:real optionstrategic flexibilitystrategic investment
  • 被引用被引用:9
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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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