應用實質選擇權於奈米技術移轉價格之研究

Applying Real Option Approach to Investigate the Nano-Technology Transferring Price

徐啟學(Chi-Hsueh Hsu)

指導教授 ： 胡為善

中原大學/商學院/會計研究所/碩士(2006年)

https://doi.org/10.6840/cycu200600059

摘要

在知識經濟的潮流下，競爭優勢不再是傳統的天然資源或者雄厚資本，而集中於知識與技術。企業的生產要素除了勞力與資金等有形資產外，知識或無形資產也成為重要的生產要素之一。在科技日新月異快速變化、競爭日趨激烈的環境中，企業必須建立持久性之核心競爭力方能維持生存，而保存領先之技術才是維持企業核心競爭力的要點。
奈米技術和產業的成功結合，將會激發二十一世紀的新產業革命。以奈米科技帯動我國傳統産業的技術創新，提升産品附加價值與競爭力，在原有産品市場進行取代並進而創造市場，實為帶動我國產業升級之策略目標。
目前「技術交易市集」亦是許多國家積極倡導的觀念，技術交易的主要目的係將既有之技術透過知識的創造、傳遞、重組、整合、保護及開發等工作予以加值。因此，如何決定技術在技術交易市場中的價值，而將技術予以資產化及價值化，乃是技術商品化過程之成功關鍵因素之一。本研究以對數轉換二項式(LTB)實質選擇權評價模式評估奈米碳管場發射顯示器(CNT-FED)技術的價值。
本研究結果發現：
(1). 在技術價值衡量方面，任何選擇權得出的技術價值（擴展NPV值）均大於傳統NPV值，證明在傳統的淨現值法的假設下，常會忽略將技術投資之「管理彈性」，而且低估程度相當高。
(2). 本研究同時考慮遞延、緊縮及擴張三種選擇權，其中遞延及擴大選擇權加總的價值小於複合選擇權的價值，產生正向的交互作用。其餘組合之個別選擇權加總的價值皆大於複合選擇權的價值，產生負向的交互作用。
(3). 在敏感度分析方面，延遲選擇權對技術價值波動度之敏感度很大，同時緊縮選擇權對計畫價值之變動之影響程度亦很大，顯示技術收益及技術價值波動度對技術價值有顯著影響。

關鍵字

對數轉換二項式 ； 技術評價 ； 場發射顯示 ； 奈米碳管 ； 實質選擇權

並列摘要

In the era of knowledge economics, the advantages of competition focuses on technology and knowledge instead of placing emphasis on nature resources or capital as the production factors. In other words, the production factors not only include tangible asset (e.g. labor and money) but also consist of intangible asset. Under keen competition of changing technology, enterprises have to sustain the kernel of competitive ability by setting up the leading technology.
Connecting nano-technology with industry causes the newly revolution. In other words, applying the nano-technology to traditional industry in Taiwan enhances the value of of products and enterprise’s competitive ability in order to develop new market and achieve the strategic goal of industry promotion.
In recent years, the “technology transaction market” is a promoting worldwide. The main purpose is to enhance the value of products through knowledge creation, diffusion, recombination, integration, protection and development. Therefore, the method to evaluate the value of technology and set up the appropriate transferring price will be the key successful factor in the process of product commercialization.
This study applies the LTB model of real option to investigate the transferring price of CNT-FED technology. The empirical results are as follows.
(1). In the aspect of the technology valuation, expanded NPV is greater than tranditional NPV which suggests that the managerial flexibility is ignored and the extent of undervaluation is very high by using the traditional method.
(2). This work examines the delay, contract and expand options, and finds the sum of the value delay option and expand option is smaller than the value of compound option which implies that a positive interacting effect between delay option and expand option exists. The value of other combinations of the single options exceeds the value of compound option which suggests that there are negative interacting effects between each other.
(3). Regarding the sensitive analysis, the results indicate the delay option is sensitive to the volatility of technology value and the contract option is very sensitive to the revenue of technology which suggests that the volatility of technology value and technology revenue significantly affect the value of technology.

並列關鍵字

CNT ； FED. ； technology valuation ； real option ； LTB

參考文獻

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