(3.236.82.241) 您好!臺灣時間:2021/04/13 03:53
字體大小: 字級放大   字級縮小   預設字形  
回查詢結果

詳目顯示:::

我願授權國圖
: 
twitterline
研究生:何思穎
研究生(外文):Ho, Szu-Ying
論文名稱:多國籍企業總部對從屬公司的資本分攤評價模式-以實質選擇權方法應用
論文名稱(外文):A HEADQUARTERS OF AN MNE RESOURCE ALLOCATION -IN REAL OPTIONS APPROACH
指導教授:丘 駿 飛
指導教授(外文):Chiu, Jiun-Fei
學位類別:碩士
校院名稱:元智大學
系所名稱:管理研究所
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:2002
畢業學年度:91
語文別:英文
論文頁數:37
中文關鍵詞:多國籍企業實質選擇權不對稱資訊代理理論
外文關鍵詞:MNEreal optionsasymmetric informationagency problem
相關次數:
  • 被引用被引用:2
  • 點閱點閱:162
  • 評分評分:系統版面圖檔系統版面圖檔系統版面圖檔系統版面圖檔系統版面圖檔
  • 下載下載:18
  • 收藏至我的研究室書目清單書目收藏:4
在基於多國籍企業總部與其從屬公司之間存在著明顯的資訊不對稱情況下,本研究採用實質選擇權方法論來探索代理問題如何影響風險專案計劃的價值。
我們詳實的描繪出四個個案情況,以此來顯示風險專案計劃品質和從屬公司管理階層的努力程度在分別處於具有可辨別和不可辨別兩種不同條件下的情況。更進一步探索此四個個案將對風險專案計劃的價值產生不同程度的影響。
根據本研究的研究結果顯示,在資訊不對稱的情況下,不同的誘因方案(如薪資和利潤分享因子) ,會導致多國籍企業總部所作資源分配決策暨從屬公司管理階層的努力程度上產生不同的結果,且最終會將此結果反應至該企業風險專案計劃的價值上。

The information asymmetry is obvious between headquarters and subsidiary management of an MNE.
In this study we explore the impact of the agency problems upon the value of the risky project which is based on the real options approach.
We develop four cases to explicate how the valuation of the risky project is influence under different conditions which specific observability of the both quality of the risky project and the effort devoted by the subsidiary management.
The consequence shows that under asymmetric information situation various incentive schemes setting the wage and a profit sharing component result in different capital allocation and managerial effort then ultimately affect to the value of the risky project.

Content
Framework 1
Introduction 2
The Basic Model for Valuation of the Risky Projects 7
The Valuation under Asymmetric Information 13
Case 1: First-best solution which is under the symmetric information 16
Case 2: Optimal solution under asymmetric information 18
Case 3: condition under observable project quality q and unobservable managerial effort l - Moral hazard 21
Case 4: condition under observable managerial effort l and unobservable project quality q - adverse selection 22
The risky project valuation comparison in four cases 23
Conclusion 27
Appendix 28
Reference 36

1. Anderson, Torben Juul, “Real Options Analysis in Strategic Decision Making: an applied approach in a dual options framework”, Journal of Applied Management Studies. Vol. 9, 2000
2. Andrew H. Chen, John W. Kensinger, James A. Conover, “Valuing Flexible Manufacturing Facilities as Options”, Quarterly Review of Economics & Finance, 1998 Special Issue.
3. Antonio E. Bernardo, Bhagwan Chowdhry, “Resource, real options, and corporate strategy”, Journal of Financial Economics 63, pages 211-234, 2002
4. Avinash K. Dixit and Robert S. Pindyck, “The Options Approach to Capital Investment,” Harvard Business Review, 105-115, May-June 1995.
5. David Mercier; “Integration of financial and strategic planning using a real options framework bolsters capital spending decisions” Oil & Gas Journal, Tulsa; Vol. 100, Issue 12; page 77-81, March 2002.
6. Guochang Zhang, “Moral Hazard in Corporate Investment and the Disciplinary Role of Voluntary Capital Rationing”, Management Science, Vol. 43, No. 6, June 1997.
7. Harriet Black Nembhard, Leyuan Shi, Chan S. Park, “Real Option Models for Managing Manufacturing System Changes in the New Economy”, The Enginering Economist 45. 2000
8. Jagle, “Shareholder value, real options, and innovation in technology-intensive companies”, R&D Management 29. Vol. 17, 1999.
9. Jens Bengtsson, Jan Olhager, “Valuation of product-mix flexibility using real options”, International Journal of Production Economics 78. Vol. 13-28, 2002.
10. McDonald, Robert; Siegel, Daniel, “Investment and shut down option”, International Economic Review, Vol. 26, No.2, June 1985.
11. McDonald, Robert; Siegel, Daniel, “The Value of Waiting to Invest”, The Quarterly Journal of Economics, November 1986.
12. Paul K. Chaney, “Moral Hazard and Capital Budgeting”, The Journal of Financial Research; Vol. XII, No.2, Summer 1989.
13. Ram T. S. Ramakrishnan and Anjan V. Thakor, “The Valuation of Assets under Moral Hazard”, The Journal of Finance, Vol. XXXIX, No.1, March 1984.
14. Simon Benninga, “Financial Modeling”, Second Edition, The MIT Press, 622 pages, 2000
15. Stanley Block, “Integrating Traditional Capital Budgeting Concepts into an International Decision-Making Environment”, The Engineering Economist, Vol. 45, No.4, 2000.
16. Sudipto Sarkar, “On the investment-uncertainty relationship in a real options model”, Journal of Economic Dynamics & Control 24, pages 219-225, 2002.
17. Tom Copeland and Keith M. Howe, “Real options and strategic decisions”, Strategic Finance, Montvale; Vol. 83, Issue 10, page 8-11, Apr 2002.
18. Tom Copeland, “The real-Options approach to capital allocation”, Strategic Finance, page 33-37, October 2001.
19. Trigeorgis, “Real options, managerial flexibility and strategy in resource allocation”, Cambridge, Massachusetts, London and England: The MIT Press, 1996.
20. Trigeorgis, Lenos; “Real Options; Managerial Flexibility and Strategy in Resource Allocation”, MIT Press, Cambrideg, Mass., second printing, Chapter 11, p. 341. , 1997.

QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top
無相關期刊
 
系統版面圖檔 系統版面圖檔