研究建議

本研究以大陸市場做為研究樣本，影響實質選擇權價值的成分可能也會因為國家 的差異性而有所不同，因此未來可以針對其他開發中國家或是已開發國家進行研究；

過去很少有學者對於影響實質選擇權價值的主要成分進行研究，未來可以持續發展，

提供投資者更多的標的來評估實質選擇權價值。在產業上的差異性，除了本研究所分 析的產業，亦可對更多的產業進行探討，以發掘不同產業的特性和差異性。

參考文獻

中文文獻

1. 中國華人民共和國科技統計部，2014。中國科技統計數據。

2. 王文英、李佳玲，2013。產品生命週期、管理控制制度與新產品開發績效之關係。

中華會計學刊，9，35-76

3. 石東立，2001。大陸壽險市場之進入退出決策評估模型：競爭者存在下實質選擇 權法之應用。銘傳大學管理科學研究所碩士論文。

4. 成思危，2011。中國風險投資年鑒 2011。北京：民主與建設出版社

5. 何家龍，2005。差異化技術競爭下之投資決策：實質選擇權分析法。私立中原大 學企業管理學系碩士論文。

6. 吳政忠，2008。台灣上市公司在中國直接投資之經營績效研究─ 以光碟業為例。

天主教輔仁大學國際創業與經營管理學程碩士在職專班論文。

7. 呂素蓮、李國榮、蔡柏彥，2005。公司治理對經營績效之影響：以台灣與大陸市 場為例。中原企管評論，11，79-103

8. 呂文正，2009。廠商研發投資與不確定性之實證分析。銘傳大學經濟學研究所碩 士學位論文。

9. 李柏蓉，2005。企業產品生命週期在學校行銷的應用。學校行政期刊，35，136-152

10. 周玠，2007。中國大陸科技體制改革對資訊產業技術發展之影響：1980 年至 2000 年。中華技術學院學報，36，515-531

11. 林正益，2003。以實質選擇權評估發行彩券之投資決策。私立中原大學企業管理

13. 張哲誠，2012。實質選擇權之研究：以台灣銀行業進入大陸市場之區位及進入模 型選擇為例。國立東華大學財務金融研究所碩士學位論文。

14. 劉素玫，2001。大陸創業板對台灣創投影響之研究。國立政治大學國際貿易研究 所碩士學位論文。

15. 蔡鉞奇，2013。創業投資回報率及其影響因素實證研究：以中國大陸創業板上市 企業為例。國立中山大學企業管理研究所碩士學位論文。

英文文獻

1. Adam, T. & V. K. Goyal (2002). The Investment Opportunity Set and its Proxy Variables: Theory and Evidence. SSRN Electronic Paper Collection.

2. Amram, M. & N. Kulatika (1991). Real options: Managing strategic investment in an uncertain world. MA: Harvard Business School Press.

3. Andres-Alonso, P. ,V. Azofra-Palenzuela & G. De La Fuente-Herrero (2006). The Real Options Component of Firm Market Value: The Case of the Technological Corporation.

Journal of Business Finance & Accounting, 33(1)&(2), 201-219.

4. Anthony, J. H. & K. Ramesh (1992). Association between Accounting Performance Measures and Stock Prices: A Test of the Life Cycle Hypothesis. Journal of Accounting & Economics, 15(2-3), 203-227.

5. Baltagi, B. H. (2001). Econometric analysis of panel data (2nd ed.).

6. Bollen, N. (1991). Real Options and Product Life Cycles. Management Science, 45(1), 70-84.

7. Brennan, M. J. & E. S. Schwartz (1985a). A new approach to evaluating natural resource investments. Midland Corporate Finance Journal, 37-47.

9. Chung, K. H. & C. Charoenwong (1991). Investment Options, Asset in Place, and the Risk of Stocks. Financial Management , 20(3), 21-33.

10. Davidson, R. & J. G. MacKinnon (2004). Econometrics theory and methods. Oxford University Press.

11. Davis, G. A. (1996). Option premiums in mineral asset pricing: Are they important?

Land Economics ,72, 167-186.

12. DeAngelo, H., L. DeAngelo & R. M. Stultz (2006). Dividend policy and the earned/contributed capital mix: A test of the life-cycle theory, Journal of Financial Economics, 81, 227-254.

13. Dickinson, V. (2005). Firm Life Cycle and Future Profitability and Growth, Working Paper, School of Business. University of Wisconsin-Madison.

14. Dixit, A. K. & R. S. Pindyck (1994). Investment Under Uncertainty. Princeton University Press.

15. Gupta, Y. P. & Chin, D. C. W. (1991). An empirical examination of information systems expenditure: A stage hypothesis using the information processing and organizational life cycle approaches. Journal of Information Science, 17, 105-117.

16. Hsiaoa, F. S. T. & M. C. W. Hsiao (2004). The chaotic attractor of foreign direct investment—Why China? A panel data analysis. Journal of Asian Economics, 15, 641-670.

17. Hsu, Y. & B. M. Lambrecht (2007). Preemptive patenting under uncertainty and asymmetric information. Annals of Operations Research, 151(1), 5-28.

18. Ingersoll, J. & S. Ross (1992). Waiting to Invest: Investment and Uncertainty. Journal of Business, 65(1), 1-29.

20. Kelley J., Campanella B. & Mckiernan J.(1971). Venture Capital: A Guidebook for New Enterprises. The Management Institute, School of Management, Boston College, 33-34.

21. Kester, W. C. (1984). Today's Options for Tomorrow's Growth. Harvard Business Review, 62(2), 153-160.

22. Kester, W. C. (1986). An Options Approach to Corporate Finance, in E.I. Altman (ed.).

Handbook of Corporate Finance, John Wiley and Sons.

23. Kotler, P. (1991). Marketing Management: Analysis, Planning, Implementation and Control (7th ed). NJ: Prentice Hall.

24. Kulatilaka, N. (1988). Valuing the Flexibility of Manufacturing Systems. IEEE Transactions in Engineering Management, 35(4), 250-257.

25. Kulatilaka, N. (1995). Operating Flexibilities in Capital Budgeting: Substitutability and Complementarity in Real Options. Real Options in Capital Investment, ed. L., Trigeorgis Praeger, 121-132.

26. Lambrecht, B. (2004). The Timing and Terms of Mergers Motivated by Economies of Scale. Journal of Financial Economics, 72, 41-62.

27. Lee, K.J., S.L. Liao & D.S. Shyu (2006). The Optimal Decision of Mergers and Acquisitions under Uncertainty. Journal of Financial Studies, 14(3), 111-140 (in Chinese).

28. Levitt, T. (1965). Exploit the Product Life Cycle. Harvard Business Review, Nov.-Dec., 81- 94.

29. Luenberger, D. G. (1998). Investment Science. NY: Oxford University Press.

30. Majd, S. & R. Pindyck (1987). Time to Build Option Value and Investment Decision.

Journal of Financial Economics, 18(1), 7-27.

32. Myers, S. C. & S. Majd (1990). Abandonment Value and Project Life. Advances in Futures and Options Research, 4, 1-21.

33. Myers, S. C. (1977). The determinants of corporate borrowing. Journal of Financial Economics, 5, 147-175.

34. Newton, D. P. & A. W. Pearson (1994). Application of Option Pricing Theory to R&D.

R&D Management, 24(1), 83-89.

35. Owen, S. & A. Yawson (2010). Corporate life cycle and M&A activity. Journal of Banking and Finance, 34, 427-440.

36. Paddock, J., D. Siegel & J. Smith (1988). Option valuation of claims on physical assets:

The case of offshore petroleum leases. Quarterly Journal of Economics, 479-508.

37. Smit, H. T. J., L. A. Ankum (1993). A Real Options and Game-theoretic Approach to Corporate Investment Strategy under Competition. Financial Management, 22(3), 241-250.

38. Smit, H. T. J. & L. Trigeorgis (2004). Strategic Investment: Real Options and Games.

Princeton University Press.

39. Trigeorgis, L. & S. P. Mason (1987). Valuing Managerial Flexibility. Midland Corporate Finance Journal, 5(1), 14-21.

40. Trigeorgis, L. G. (1996). Real Options. Managerial Flexibility and Strategy in Resource Allocation (MIT Press).

41. Tufano, P. (1998). The determinants of stock price exposures: Financial engineering and the gold mining industry. Journal of Finance, 53, 1015-1052.