後續研究建議

本研究依據實質選擇權之概念，建構一套應用於教育訓練計劃之投資評估模式。本 研究未甄完美，後續研究可根據本研究之不足之處或是限制條件，進行更深入之進一步 突破，以期使此領域之研究愈加精煉完備，並提高實務上之實用程度。茲將對於後續之 研究詳列如下：

一、本研究主要分析對象為技術層次較低之勞力密集產業，未來之研究亦可朝向不同產 業進行研究(如高科技產業)，分析不同產業型態對於此評價模式之影響。此外，員 工素質及學習動機對於教育訓練之成效亦具關聯性(Noe, 1986)，本研究以中國大陸 地區為分析對象，建議後續研究能以已開發國家為分析對象，抑或以不同員工素質 做為區隔，以建立出一套更為全面性之模型。

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二、在「教育訓練計劃收益」部份，本研究採取營業額做為衡量生產力之指標，並假設 變動量即為計劃收益。後續之研究者可嘗試建立一更具合理性之效益衡量指標，使 投資計劃評估更具準確性。

三、實質選擇權之種類除了本研究中所假設之延遲、擴張、縮減與放棄四種外，尚包含 成長及轉換選擇權等。同時，本研究僅考量單一選擇權對於投資計劃價值之影響，

故建議後續研究者可將其他選擇權列入考量，並分析不同選擇權之交互作用關係。

四、本研究將金融市場之變數視為常數，如：無風險利率、波動性…等，對於長期之投 資計劃而言，此種假設仍有欠嚴謹，故建議後續研究之發展可往此方向進一步突 破，將此類變數以隨機過程進行模擬，使評價模型更為合理。

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參考文獻

一、中文文獻：

1. 王健安，「資本投資計劃評核術的新觀念---實質選擇權之理論與實證方法的文獻回 顧」， 臺灣土地金融季刊 ，第 35 卷，第 4 期，p.75-97，民國八十七年。

2. 李怡慧，「電力選擇權評價模型之研究」，淡江大學，碩士論文。民國九十一年 3. 宋明賢，「製造業勞資雙方對企業教育訓練成效之態度比較研究」，私立高雄工學

院，碩士論文，民國八十五年。

4. 林建成，「寬頻網路投資案之成長價值評估以實質選擇權觀點評估東森多媒體公 司」，國立政治大學，碩士論文，民國八十九年。

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10. 黃繼賢，「實質選擇權在投資計劃評估之應用：統寶光電投資方案」，國立成功大學，

碩士論文，民國九十二年。

11. 程嘉遠，「半導體專業代工業發行產能選擇權之可行性探討」，實踐大學，碩士論文，

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12. 陳威光，選擇權理論．實務與應用，智勝出版，民國九十一年。

13. 劉俊辰，以實質選擇權觀點評估購併計劃之策略價值—台積電合併世大的個案分 析，東海大學，碩士論文，民國九十年。

14. 顏錫銘，金融市場與機構，華泰出版，民國九十二年。

15. 戴幼農，「訓練成效評估」，就業與訓練，Vol. 1(4)，p.55-60，民國七十二年。

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