實質選擇權與策略投資
Real Options and Strategic Investment
| 節 | 週四 |
|---|---|
8 16:30–17:20 | 實質選擇權與策略投資 M101 3 節連堂 |
9 17:30–18:20 | |
A 18:30–19:20 |
* 根據陽明交大上課時間表所列
(1) 首先介紹實質選擇權,亦稱"擴充"淨現值法。 (2) 利用例子說明傳統NPV/DCF法的應用及其限制。 (3) 實質選擇權如何衡量各種管理彈性的價值。 (4) 介紹實際例子解釋基本賽局理論。 (5) 結合實質選擇權與賽局理論分析企業策略投資。
研究所同學(不分組)皆可選修,大學部高年級(大三,大四不分組)亦可選修 (此課程並無要求數學能力) (此課程先修課程為投資學)
(1) 利用第一次報告讓學生瞭解如何實際使用NPV與DCF法 (2) 利用第二次報告讓學生瞭解如何在NPV基礎上,更進一步 加入實質選擇權與賽局之應用
作業與出席 20% 第一次報告 25% 期中考試 30% 期末報告 25%
| 週次 | 主題 |
|---|---|
| 第 1 週 | About this course Why is real options method important? 1.The difference between traditional valuation (e.g. DCF method) and real options method. 2.Real options in practice: Hewlett-Packard's cost management case 3.How Kimberly-Clark Uses Real Options |
| 第 2 週 | 1. Two Real Options Exercises 2. Real Options Case: Aqua Bounty |
| 第 3 週 | Venture and Valuation DCF VS. Real Options (Case: Secure Mail) |
| 第 4 週 | Corporate real options (I) ---Basic options valuation |
| 第 5 週 | Corporate real options (II) ---Overview of common real options |
| 第 6 週 | Midterm Project Presentation |
| 第 7 週 | Corporate real options (III) ---R&D investment decision and mine concession license |
| 第 8 週 | Corporate real options (IV) ---Case Study: Offshore oil concessions in the Netherlands |
| 第 9 週 | Games and strategic decisions (I) 1.The rules of the game 2.E-commerce auctions and the winner’s curse 3.Mixed strategies: game theory and sports 4.Types of basic games |
| 第 10 週 | Games and strategic decisions (II) 1. Competitive reactions in quantity vs. price competition 2. Two-stage games: Strategic value of early commitment |
| 第 11 週 | Simple strategic investment games (I) 1.One-stage strategic investment: Licensing problem of high-tech firms (Digital vs. Sony) 2.Two-stage strategic investment: proprietary R&D case (Hewlett-Packard vs. Microsoft) |
| 第 12 週 | Midterm Exam |
| 第 13 週 | Simple strategic investment games (II) 1.Two-stage investments with endogenous competition (IBM vs. Toshiba, GE vs. Toyota) 2.Cooperation in the first stage: joint R&D ventures (Philips and Sony vs. Toshiba and Matsushita) |
| 第 14 週 | Flexibility and commitment (I) 1.Flexibility value effect, commitment effect and the form of competition |
| 第 15 週 | Flexibility and commitment (II) 1.Memory chips industry 2.Cigarette industry (RJR Nabisco vs. Philip Morris) |
| 第 16 週 | Case applications (I) 1. Strategic games in consumer electronics (Sony, JVC and Philips) 2. GE, Merck & Co., and US West cases 3. Competition between AMD and Intel |
| 第 17 週 | Final Project Presentation |
| 第 18 週 | Case applications (II) Acquisition strategies |
1. Strategic Investment: Real Options and Games, Han T. J. Smit and Lenos Trigeorgis, Princeton University Press, 2004.(東華書局代理) (Winner of the 2004 Award for Best Book in Business, Management, and Accounting, Association of American Publishers.) 2. Playing at Acquisitions (Behavioral Option Games), Han Smith and Thras Moraitis, Princeton Unniversity Press, 2015.
- 地點
- 管一館414室
- 時間
- 星期三與四 (Tue. and Thu.) 12:00 ~ 13:00
- 聯絡方式
- (03) 571-2121 ext. 57056 hhhuang@g2.nctu.edu.tw