| Summary: | 碩士 === 朝陽科技大學 === 企業管理系碩士班 === 97 === The hi-tech industry takes the advantage position by the strategic activities of technology innovation. The innovative activities generally disclose a set of strategic investment opportunities, and usually accompany with the uncertainties of technology development and market demands. The necessary precursor for hi-tech firm to capture excess profits is to carry the uncertain risks of the technology innovation investment project. Furthermore, capital intensive is inhered in hi-tech investment project. The traditional capital budgeting model using the discounted cash flow methodology is not sufficient to value the innovative project with uncertainties and capital intensive characteristics. In this perspective, we have concerned with the innovative rents, which bears uncertainties for forecasting the operating cash flows, of the technology innovation investment project. We provide a procedure, which could be applied to value the innovative project and decide the appropriate adoption timing with the real option approach, to formulate a technology innovation strategy. One case of Taiwan new-generation TFT-LCD panel plant investment project is demonstrated in this article. The research results of the numerical case of the new-generation TFT-LCD panel plant investment project in Taiwan suggested deferring the project as well as the investment project was deferred from 2007 to 2009 with reality; it could demonstrate the proposed procedure of this study could give the some useful information of investment decision-making analysis for the TFT-LCD panel makers.
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