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題 名 | 主題樂園解說摺頁應用衍生性商品評價之研究=A Study of Evaluation Research of Application Derivative from Theme-park Interpretive Brochure |
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作 者 | 譚兆平; | 書刊名 | 休閒產業管理學刊 |
卷 期 | 2:1 2009.04[民98.04] |
頁 次 | 頁50-67 |
分類號 | 992.3 |
關鍵詞 | 主題樂園; 解說摺頁; 衍生性商品; 實質選擇權; Theme-park; An interpretive brochure; Derivatives; Real option; |
語 文 | 中文(Chinese) |
中文摘要 | 本研究主要目的在提供觀光休閒學術與產業新的財務管理彈性(Elasticity)觀念與技術初步探討,以主題樂園解說摺頁爲標的物,藉由二項式選擇權評價模型與決策樹分析模式構成的歐式選擇權爲基礎,透過套利原理複製投資組合。實證後發現這項商品不應該再被界定爲營業項目中的費用,而是具有1,280%巨大高報酬率的商品,這相較於一般商品能獲利在40%已經是屬於利潤極佳的商品。本研究發現在導入實質選擇權後的主題樂園解說摺頁不僅具有會計利潤近14 元的價值還具有經濟學上所稱之超額利潤。因此這是一項觀光休閒產業管理的重大發現,亦是產業經營新的管理觀念。另外經由2×2列聯式決策樹分析驗證單期主題樂園解說摺頁,主要的類別有三種實質選擇權分別爲,改變規模選擇權、成長選擇權與多重交互影響選擇權。本模型的每一個決策點上都有隱含二或三類實質選擇權機會價值,亦是管理彈性的價值且該價值皆大於0價值的傳統主題樂園解說摺頁,因此本實證分析單期模型並無出現遞延選擇權、延續投資選擇權與放棄選擇權等三項管理彈性的機制價值。 |
英文摘要 | The purpose of this study is to explore a new technique with elasticity for establishing fundamentals of cooperate finance. This research adopted interpretative brochures of theme-park as a targeted product. Based on the European option which is composed of the Binomial Model and the decision tree analysis complying, the arbitrage theory was used to duplicate the delta portfolio delta. The result approved that this product should not be identified as the expense of the business item. It should be recognized as a profitable product because it can make 456% rate of return higher than the general (40%). The brochure implementing real option can make an accounting profit with nearly 14 dollars and an excess profit in the economics. This important uncovering may make a big change in the management of tourism and leisure industry. Through the 2x2 contingency table of decision tree analysis for the single season of the brochure, the result revealed that there are three types of real options, including the option to alter operating scale, growth option and multiple interacting option. Each venture evaluation review technique containing two or three real options can make different combination of profits, and it is the value of elasticity in management. In addition, the price of the brochure with real option can make more profit than the traditional brochure which is zero. However, this model did not include the following types of options: option to defer, time-to build option, and option to abandon. |
本系統中英文摘要資訊取自各篇刊載內容。