Please use this identifier to cite or link to this item:
http://hdl.handle.net/11455/92326
標題: | 應用實質選擇權於再製造階段式投資計畫之研究 A Study of Stepwise Investment in Remanufacturing Using Real Options Approach |
作者: | Chi-Yi Shiu 許祺宜 |
關鍵字: | Remanufacturing;Real Options;Jump process;Investment Valuation;再製造;實質選擇權;跳躍過程;投資評估 | 引用: | 一、中文部分 1.圖書及期刊論文 李光曜(2006)。筆記型電腦產業第一階機構供應商創新物流營運模式之研究。東吳大學企業管理學系碩士論文,未出版,台北。 林煒哲(2008)。考慮產品回收與元件再製造下建構銷售利潤模式—以筆記型電腦為例。中原大學工業工程研究所碩士論文,未出版,桃園。 施養承(2012)。在產品回收量及回收法規不確定下投資再製造系統之研究。國立東華大學運籌管理研究所碩士論文,未出版,花蓮。 財團法人台灣產業服務基金會(2008)。歐盟環保指令發展趨勢。 許國榮(2006)。電子業因應歐盟WEEE/EuP指令課程:財團法人台灣產業服務基金會。 廖人敬(2006)。筆記型電腦維修零備件需求預測模式之建立。中華大學科技管理研究所碩士論文,未出版,新竹。 監察院(2010)。資訊廢棄物減量、處理與再利用專案調查研究報告。台北市:監察院。 2.網路資源 行政院環境保護署資源回收管理基金管理委員會(2014)http://recycle.epa.gov.tw/Recycle/index2.aspx 理光企業網站(2014)http://www.ricoh.com.hk/tc/reducereuserecycle.aspx 產業永續發展整合資訊網(2014)http://proj.ftis.org.tw/isdn/Norm/Detail/068316C20F59730E?parentId=2B8508DCA18D2159 二、英文部分 1.圖書及期刊論文 AMIN, K. I. 1993. Jump Diffusion Option Valuation in Discrete Time. Journal of Finance, 48, 1833-1863. ATALAY, A. & LUK, N. V. W. 2010. Environmental Legislation on Product Take-Back and Recovery. Closed-Loop Supply Chains. Auerbach Publications. BLACK, F. & SCHOLES, M. 1973. The Pricing of Options and Corporate Liabilities. Journal of Political Economy, 81, 636-659. CALCOTT, P. & WALLS, M. 2000. Can Downstream Waste Disposal Policies Encourage Upstream 'Design for Environment'? The American Economic Review, 90, 233-237. CAMPBELL, J. Y., LO, A. W., MACKINLAY, A. C. & WHITELAW, R. F. 1998. The econometrics of financial markets. Macroeconomic Dynamics, 2, 559-562. COOPER, M., LAMBERT, D. & PAGH, J. 1997. Supply chain management: More than just a name for logistics. The International Journal of Logistics Management, 8. COPELAND, T. & ANTIKAROV, V. 2001. Real options, Texere New York. COPELAND, T. E. & ANTIKAROV, V. 2003. Real options : a practitioner's guide. New York : Texere. COX, J. C., ROSS, S. A. & RUBINSTEIN, M. 1979. Option pricing: A simplified approach. Journal of financial Economics, 7, 229-263. DIXIT, A. K. & PINDYCK, R. S. 1994. Investment under Uncertainty. New Jersey:Princeton University Press. DIXIT, A. K. & PINDYCK, R. S. 1995. The Options Approach to Capital Investment. Harvard Business Review, 73, 105-115. FOLTA, T. B. & O'BRIEN, J. P. 2004. Entry in the presence of dueling options. Strategic Management Journal, 25, 121-138. GIUTINI, R. & GAUDETTE, K. 2003. Remanufacturing: The next great opportunity for boosting US productivity. Business Horizons, 46, 41-48. GUIDE JR, V. D. R. 2000. Production planning and control for remanufacturing: industry practice and research needs. Journal of Operations Management, 18, 467-483. GUIDE JR, V. D. R. & VAN WASSENHOVE, L. N. 2002. The Reverse Supply Chain. Harvard Business Review, 80, 25-26. GUIDE, V. D. R., KRAUS, M. E. & SRIVASTAVA, R. 1997. Scheduling policies for remanufacturing. International Journal of Production Economics, 48, 187-204. HUCHZERMEIER, A. & LOCH, C. H. 2001. Project Management Under Risk: Using the Real Options Approach to Evaluate Flexibility in RD. Management Science, 47, 85-101. HULL, J. 2006. Options, Futures and Other Derivatives. Prentice Hall, New Jersey. INDERFURTH, K. 2005. Impact of uncertainties on recovery behavior in a remanufacturing environment. International Journal of Physical Distribution & Logistics Management, 35, 318–336. KEMNA, A. G. 1993. Case studies on real options. Financial Management, 259-270. KIM, K., SONG, I., KIM, J. & JEONG, B. 2006. Supply planning model for remanufacturing system in reverse logistics environment. Computers & Industrial Engineering, 51, 279-287. LINDHQVIST, T. 1992. Extended producer responsibility as a strategy to promote cleaner products. International expert seminar, Trolleholm Castle, Sweden. LUEHRMAN, T. A. 1998. Investment Opportunities as Real Options: Getting Started on the Numbers. Harvard Business Review, 76, 51-67. LUND, R. Remanufacturing: an American resource. Proceedings of the Fifth International Congress Environmentally Conscious Design and Manufacturing, 1998. June. MAJD, S. & PINDYCK, R. S. 1987. Time to Build, Option Value, and Investment Decisions. Journal of Financial Economics, 18, 7-27. MCDONALD, R. & SIEGAL, D. 1986. The Value of Waiting to Invest. The Quarterly Journal of Economic, 101, 707-728. MILLER, K. D. & FOLTA, T. B. 2002. Option value and entry timing. Strategic Management Journal, 23, 655-665. MOORE, W. T. 2001. Real options and option-embedded securities, John Wiley. MUKHOPADHYAY, S. K. & MA, H. 2009. Joint procurement and production decisions in remanufacturing under quality and demand uncertainty. International Journal of Production Economics, 120, 5-17. MYERS, S. C. 1977. Determinants of corporate borrowing. Journal of financial economics, 5, 147-175. PANAYI, S. & TRIGEORGIS, L. 1998. Multi-stage Real Options: The Cases of Information Technology Infrastructure and International Bank Expansion. Quarterly Review of Economics & Finance, 38, 675-692. PRAHINSKI, C. & KOCABASOGLU, C. 2006. Empirical research opportunities in reverse supply chains. Omega, 34, 519-532. REMER, S., ANG, S. H. & BADEN-FULLER, C. 2001. Dealing with uncertainties in the biotechnology industry: The use of real options reasoning. Journal of Commercial Biotechnology, 8, 95. SIMCHI-LEVI, D., KAMINSKY, P. & SIMCHI-LEVI, E. 2000. Design and managing the supply chain: Concepts, strategies, and case studies. Boston: Irwin/McGraw-Hill. THIERRY, M., SALOMON, M., VAN NUNEN, J. & VAN WASSENHOVE, L. 1995. Strategic Issues in Product Recovery Management. California Management Review, 37, 114-135. TIWANA, A., WANG, J., KEIL, M. & AHLUWALIA, P. 2007. The bounded rationality bias in managerial valuation of real options: Theory and evidence from it projects*. Decision Sciences, 38, 157-181. TRIGEORGIS, L. 1996a. Evaluating leases with complex operating options. European Journal of Operational Research, 91, 315-329. TRIGEORGIS, L. 1996b. Real Options : Managerial Flexibility and Strategy in Resource Allocation: Cambridge Mass. :MIT Press. TRIGEORGIS, L. & MANSON, S. 1987. Valuing flexibility as a complex option. Journal of Finance, 45, 594-565. TSAI, M. T. & SHIH, Y. C. 2011. Investing in Sustainable Supply Chain with Uncertain Remanufacturing Costs and Environmental Regulations. 19th Triennial Conference of the International Federation of Operation Research Societies, Australia. ZHAO, X., XIE, F. & ZHANG, W. F. 2002. The Impact of Information Sharing and Ordering Co-ordination on Supply Chain Performance. . Supply Chain Management: An International Journal, 7, 24-40. 2.網路資源 CSCMP 2014. Council of Supply Chain Management Professionals. http://www.cscmp.org/about-us/supply-chain-management-definitions. KODAK 2004. Waste Prevention and Recycling for Photographic Processing Facilities. http://www.kodak.com/ek/US/en/Global_Sustainability/Health_Safety_and_Environment/Publications_Library/Waste_Management_Publications.htm. | 摘要: | 環境永續發展是現今許多人所重視的議題,本研究主要是探討利用實質選擇權去評估再製造階段式投資計畫的價值。再製造活動是逆向供應鏈中的一環,指將廢棄產品重新利用,使其像新產品一樣的過程,進而減少對環境的污染。然而,投資再製造計畫的執行成本對企業而言是相當高的,因此藉由實質選擇權去衡量再製造投資計畫價值,即考慮未來的不確定性與管理彈性,使投資計畫的價值不會造成低估的現象,完整呈現其真正的價值。 本研究採用階段式投資計畫,即希望透過階段性投入資金,可降低未來不確定性的風險,業者可先在初期階段投入小筆資金,待未來不確定性降低,即可選擇做進一步的投資,抑或未來狀況不佳時,亦可選擇不繼續投資。此外,本研究探討再製造活動兩個不確定性因素:回收產品數量與法規的不確定性,並將投資計畫分為兩個模型,一是只考慮回收數量的不確定性,並以幾何布朗運動呈現,稱為模型一,二為同時考慮回收數量與法規不確定性之模型,並以幾何布朗運動加跳躍過程呈現,稱為模型二。 從本研究結果得知,模型二之投資計畫的選擇權價值,比模型一的選擇權價值大,其意涵為在考慮法規不確定下,採用階段性投資對於再製造投資計畫是更有獲利空間,因其可降低不確定之風險,且獲得更大的管理彈性。此外,為使本研究之數值分析可更精準正確並符合實際狀況,本研究利用敏感度分析,並考慮三個重要因素:執行成本、可投入再製造的數量比例和各階段執行成本比例,從敏感度分析結果可以得知各階段執行成本比重影響較小,但此為公司內部可控制的變項,因此可使第二階段執行成本比重提高,第一階段執行成本比重降低,則再製造投資計畫價值可往上提升。 最後本研究建議筆電相關之電子產業者,可依公司本身狀況來決定適用之模型,若公司認知未來不確定較大時,可考慮使用模型二,若公司認知未來不確定較小時,則可考慮使用模型一,但無論在何種情況下,採用階段性選擇權,皆可使再製造投資計畫價值提高,因其考慮回收數量與法規的不確定性,並使投資計畫更具管理彈性。 |
URI: | http://hdl.handle.net/11455/92326 | Rights: | 同意授權瀏覽/列印電子全文服務,2017-07-09起公開。 |
Appears in Collections: | 企業管理學系所 |
Files in This Item:
File | Description | Size | Format | Existing users please Login |
---|---|---|---|---|
nchu-103-7101023019-1.pdf | 1.22 MB | Adobe PDF | This file is only available in the university internal network |
TAIR Related Article
Google ScholarTM
Check
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.