| Summary: | 碩士 === 中國文化大學 === 會計研究所 === 89 === The study, developed chiefly around the framework of a Real Option solution model developed by Lin and Lee (2000), aims to further explore a variety of variables to the forecast model to supplant certain deficiencies arisen from hypothesized vari-ables adopted in the investment case studies, and to instill more value in terms of adopting the entire model framework in actual implementation. With this, forecasting the formula’s variables remains a crucial process to how the model’s solution mode manifests, showcased through three high-tech start-up case studies of Promos, Power-chip Semiconductor and Vanguard International Semiconductor.
In defining the correlation between Hamada Model and Capital Asset Pricing Model (CAPM), the study takes to a Beta factor in converting semiconductor fabrica-tion firms for arriving at an median of expectant return rate for a semiconductor fabri-cation firm. Meanwhile, the study further utilizes the reversal factor derived from semiconductor shares traded on the big board via a market model to generate an indus-try borrowing-free beta factor, and the debt/equity ratio of a firm is then used to con-cluded a firm’s borrowing beta factor. Findings indicate that it is feasible and rational to adopt the Hamada Model in the conversion process.
In real world where twin securities for the companies surveyed do not exist, the study has taken to the premise that twin securities and target firms’ assets bear the same system risk, with which the securities market where the assets are placed and the specific investment portfolio are used to simulate said twin securities to conclude a twin securities’ expectant return that meets the solution model’s rudimentary crite-rion .
Validations concluded by the study show that there is positive significance for choosing tangible options model as a dependable tool for evaluation high-tech industry investment for the study regards a start-up investment project as a compound options, which not only covers market demand and uncertainty arisen from management varia-tions, but also helps to evaluate potential investment opportunities and value associated with an investment project. With which, start-up firms could have more to go by in stead of turning to less desirable investment decision-making by underestimating the potential yield of a start-up venture.
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