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Applying Value-at-Risk to Financial Risk Evaluation in BOT ProjectsSung, Chao-Hsien 28 May 2010 (has links)
There is a growing trend to use public-private partnerships (PPP) for infrastructure project delivery due to lack of budget and inefficiency of public sector. The most popular PPP option is a concession-based type such as build-operate-transfer (BOT). However, construction delay, costs overrun, and disastrous financial performance in the early operation phase are not rarely seen in large BOT projects. The case of Taiwan High Speed Rail (THSR) is the evidence. The problem lies in over-optimism in financial feasibility analysis and under-estimation in risk exposure evaluation.
Based on information of Case Project - Kaohsiung Intercontinental Terminal (KIT), which started its Phase One Plan in 2007 at a cost of about NT$42.89 billions in land procurement, peripheral public infrastructure and construction and facilities of the terminal, I will apply traditional capital investment methodology to evaluate its financial feasibility. This is done by calculating key financial indexes from Total Investment Point of View and Equity Point of View and determine whether this project is acceptable or not by conventional criteria from three main participants¡¦ position, including government agency, financial institutions, and private investors. However, we can not realize risk exposure of Case Project from traditional methods. Therefore, ideas of Value-at-Risk (VAR) that commonly used in evaluating risk exposure of financial assets are brought in.
The VAR concepts are used in four financial indexes, including self-liquidation ratio (SLR), net present value (NPV), debt coverage ratio (DCR) and times interest earned (TIE), which are regarded as critical in decision by government agency, private investors, and financial institutions. This is done by applying Monte Carlo Simulation, which involves 1,000 iterations of sampling based on parameter settings of risk factors and consideration of correlations in risk factors. Volatility of key risk factor is analyzed to further realize comprehensively risk exposure in terms of VARs of financial indexes.
Evidences show that, while parameter settings of risk factors are critical to simulations results, consideration of correlations of risk factors will also diverge results from that of ignoring. In addition, sensitivity analysis in terms of volatility in key risk factors presents full-scale financial risk exposure, which is helpful in reaching final decision.
Of all three participants in Case Project, while private investors face greatest risk exposure due to high financial leverage employed, financial institutions confront relatively low risk in terms of loan repayment. From government agency¡¦s view, probability of fully self-liquidated with no subsidy in Case Project is 90%.
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A Study of Enterprises Entering Electronic CommerceYang, Yi-Ting 22 July 2010 (has links)
Although many businesses invest on e-commerce, some managers still have a mystery which setting up e-commerce website is almost the same as e-commerce. However, they do not spent extra time, money, and labors. The mistake is doomed to failure on e-commerce. The businesses operate e-commerce and a series of operational activities include inbound logistics, operations, outbound logistics, marketing and sales, and services must be implemented. The operational activities must be linked together tightly and implement carefully. By value chain, the study measures the implementation of e-commerce companies whether integrates every series of operational activities to enhance the value of products and create competitive advantage.
Many studies discuss about how top managers should play a key role as business enterprises import a new information system, but few of them focus on top management support. The attitude and support of top manager will result in the success or failure.
The study also found that manager¡¦s attitude and internet industry are the important factors of profit, and these will affect the top management support. If the business enterprises spent sufficient resources and effort in e-business processes and top managers support in action, we believe that staffs will try their best to achieve organizational goals
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The Influence of experience marketing and experience value on the communication effect of city image. A case study of 2009 Kaohsiung sea exhibition.Chiu, Chih-hao 24 August 2010 (has links)
After the revolutionary progress of communication instruments and transportations, the whole world entered the new era called globalization. However, the trend of globalization had brought great impacts on each nation¡¦s society, politics and economics; as a result, each nation has faced the crisis of development. In order to reverse this situation, some scholars start to encourage every city to construct and develop city image and take the idea of marketing for another purpose: to popularize city image for raising the regional competitiveness
In this paper, experiential marketing and experiential value will be used as the theoretical foundation for discussing its effects on the communication outcome of city image. Furthermore, this research will also include demographic variables in order to discuss whether or not demographic variables may have influence on citizens¡¦ vibration on city image,
According to the research outcome, it reveals that experiential marketing and experiential value do have impacts on the communication outcome of city image; besides, it also reveals that demographic variables do explain citizen¡¦s different vibration on city image. At the end of this paper, on the basis of the research findings, this paper investigates the implications to the education system, aiming at providing references for the purpose of strategy formulation in the future.
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Study on consumption value of luxury-bag consumption patternYang, Shu-li 16 February 2011 (has links)
The issue of consumption pattern of luxury-bag has been concerned for a long time. The early researches of consumption pattern of luxury-bag, scholars studied on single consumption pattern of luxury-bag, it means, there is no research of many consumption patterns of luxury-bag in one time. So the author wants to compare the different consumption patterns of luxury-bag in consumption value, expecting that understanding the influencing factors between different consumers of purchasing patterns.
There are two purposes in the research, 1. Make the radar charts in different consumption patterns of luxury-bag, and then according to the results give the suggestions of marketing. 2.Compare the different consumption patterns of luxury-bag in a single consumption
value. By collecting and analyzing questionnaires, the results are that consumers with different patterns have different consumption value; people who purchase new luxury-bag have similar consumption value to people who purchase second-hand luxury-bag; people who purchase counterfeits pay much attention to social value; people who rent the luxury-bag pay much attention to condition value.
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The Marketing Strategy and Perceived Value Research for The Tea Drink in ChinaChen, Jun-Hong 09 August 2011 (has links)
In recent years, due to people's living standards improve, people's comsuming ability rises, while the rapid development for the beverage market lead people have more selection in the water supply . Taiwan's beverage industry has matured, and the development of tea show explosive growth because the demand of product gradually trend more health and natural, the research for tea drink are countless, but in recent years, as China's sustained economic development, and promote the show jumping growth for all industy, the beverage market growth is unstoppable. But for the beverage market of china does no more complete research. In this thesis, the market selling and deviation of the China tea drinks is introduced as a index of the relevance among marketing theory and the perceived value, demographic statistics variables, this thesis can be the reference for the international enterprise which production and sell in china and the basis for the further study of drinks selling market research.
In this study, use Zeithaml (1988) theory of perceived value and marketing 4C theory to study why consumers drink tea in China, what¡¦s the reasons for the purchase of tea? Therefore, this thesis use marketing 4C four dimensions as independent variables, and perceived value as the dependent variable. And then verify the demographic statistics variables on the marketing strategy and the impact of perceived value.
The study found that 4C marketing strategy because of the lack of clarity in the definition of dimensions, the dimensions will be revised to the intrinsic attribute of _ the basic, intrinsic attribute of _ perception, intrinsic attribute of _ the form, brand equity, customer communication, customer costs six dimensions. And on the demographic variables on the perceived value and the marketing strategy forward with the only difference with the customer and gender have significant differences, and the remaining variables are no different. In the six dimensions and the perceived value there is a very significant positive relationship for each other, that the tea beverage market in the six dimensions of the use of this marketing is indeed the consumers can effectively enhance the perceived value. By regression analysis also found that the highest priority in terms of perceived value into account the intrinsic properties of _ for the perception, that is, consumers are more abstract level, non-universal awareness of the drink taste or price. Finally, this thesis has the following important discoveries of consumer demand in China:
1. The meaning of traditional culture and national consciousness
2. The rise of health consciousness
3. The rise of quality consciousness
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An Analytic Study on the Value Chain Integration and Investment Model for TFT-LCD IndustryChen, Ching-Chien 22 August 2011 (has links)
This thesis presented an empirical study exploring the performance of TFT-LCD industry through vertical integration in value chain. Statistical analysis methods were adopted to examine the performance of TFT-LCD industry. The following theories of the profit pool and DuPont financial analysis approach, supplemented by competitive strategies, vertical integration, value chain and profit pool theory literature, from the industry overview and key aspects of the value chain Profit distribution and changes in the degree of value chain integration impact on the profitability of panel makers.
In this research, we focused on the different segment of the TFT-LCD value chain (color filters, polarizers, backlight module, driver IC and panel manufacturing). We used three financial performance indices of these companies between 2005 and 2009,namely ROE (Return on Equity; ROE), return on total assets (Return on Asset; ROA), operating margin (Return on Sales; ROS) such as most scholars commonly used financial indicators as measurement tools observe all aspects of the value chain profit changes. Finally from the perspective of profit pool and vertical integration strategies to examine whether TFT-LCD panel manufacturers could use an integration strategy as a way to improve their performance on operating profit margin and lower the risk.
The results are as follows: the value of different levels of vertical integration, panel makers will do the performance of the operating profit margin have different effects, with the active dwell Taiwan¡¦s TFT-LCD industry up the value chain integration, is indeed closer to or exceed the Korea TFT-LCD maker, but with the TV panel sales with a gradual increase in the proportion of the panel sales , sales channel became a key factor in whether or not profitable. Therefore, the panel makers may be able to consider more closer cooperation with the player of home appliance industry and downstream continuing down the value chain to make the direction of integration efforts.
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The Study of Value Net Analysis of iPhoneFang, Chih-Ting 05 January 2012 (has links)
Through Value Net Analysis and Co-opetition, we study the reasons why Apple iPhone becomes so successful nowadays. Apple Inc. has changed the ecosystem and the rules of the game, Apple iPhone sells like hot cakes when appearing on the market. Furthermore, the App Store becomes the most popular software shop in recent years. Apple Inc.,a closed ecological system, threatens the telecom companies such as AT&T, and Apple Inc. versus AT&T are complementary with each other. In this case, Apple Inc. wants to use AT&T¡¦s market share to expand its territories; On the other hand, AT&T hopes that the iPhone makes profits to AT&T as well. Therefore, AT&T signs a tie with the Apple iPhone with a 2-year contract, and sells an iPhone to pay for each additional subsidies of USD$ 250-$300 to Apple Inc..
Apple Inc. used the integration of iPod + iTunes software, bringing consumers customized services. Apple Inc. launched an iPhone in 2007 with the concept of iPod + cell phone + Internet, to subvert the traditional cellphone using habits. Apple Inc. would like to fill its product lines, such as, using memory segments (8G, 16G, 32G ...) to distinguish iPhone 4S for high-end markets, iPhone 4 for the middle markets, iPhone 3GS for low-end customers and so forth. Apple Inc. also adopts different pricing, marketing strategies, to bring high added value to its loyal customers.
Apple Inc. took a small risk of judo strategy, to turn the incumbent's advantage into obstacles.Apple Inc. was a late mover, only got 10% market share, it still stands on its niche market. Apple Inc. targets on the high-end markets, and differentiates with itself with other players (including NOKIA, MOTOROLA, HTC, SAMSUNG and so on). Apple Inc. changes the scope of game, and redefines the industrial boundaries, so Nintendo and SONY have to face intense competition in few years. Apple Inc. launched App Store, letting different groups of people to join the software application development, in this way Apple Inc. lowers the software price to attract more consumers. Theoritically,that is so-called bilateral market effects (It¡¦s a positive loop between software programmers and consumers).
As long as the bilateral market effects get stronger, Apple Inc. will have stronger bargaining power for its suppliers. In order to control the suppliers, Apple Inc. always signs a contract with them or takes part in their shares. Apple Inc. would not only give its suppliers a great amount of single order, but also give same orders in turn between two manufacturers. Under this situation, its suppliers can easily be replaced and Apple Inc. will benefit from this condition. According to reports, Apple Inc. would limit all raw materials of an iPhone and try so hard to cost down in advance, and even follow-up iPhone logistics and maintenance as well. As a result, Apple Inc.¡¦s suppliers do nothing but the OEM jobs for Apple Inc. after all.
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A Numerical Method to Solve the Divergence Issue of Microwave Circuit Model ExtractionChan, Yu-Lin 08 August 2012 (has links)
With the development of consumer electronics, the circuitry structure become more complex, For this reason, it might cause numerical errors to be cumulated in the simulation using the numerical electromagnetic algorithm, and result in simulated divergence or error. The two reasons of numerical error are passivity and causality, which priginate from the defect in the numerical calculation. In this thesis, for this problem, investigate the numerical compensation method for passivity, The occurrence of passive will make the frequency point of power is negative, this will makes the system divergence, Improve this problem, passivity verification and enforcement by eigenvalue in the Y-parameter, in the S-parameter by the singular value, causality conditions must be match with the imaginary part and the real part relationship, such as the Hilbert transform or the Kramer-Kronig relation, can be used to make causal verification and enforcement.
Through some numerical methods, used simulation software such as: HFSS, ADS simulation of the microwave circuit model extraction, modified singular value, eigenvalue, and reached to reduce the numerical error, let it satisfy the convergence and avoid incorrect results, and minimize the impact of the initial data, does not change the characteristics of the original module, but also to solve the passive and the issue of causality.
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Essays on financial and international economicsSu, Xiaojing 15 May 2009 (has links)
No description available.
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A Theoretical Approach for the Determination and Mechanistic Interpretation of Radiation D10-valueEkpanyaskun, Nont 2009 May 1900 (has links)
In the design of the food irradiation process, the knowledge of the radiation resistance of
the target organism in a specific food commodity is required. The D10-value, the radiation dose
needed to inactivate 90% of the microbial load in the food medium, is used to relate the amount
of absorbed energy to the surviving bacterial population. Numerous experimental studies have
been performed to determine the D10 values of several food-borne microorganisms irradiated
under various conditions. Nevertheless, accurate predictions of D10 values of the pathogens in
food products that have not been empirically examined cannot be made due to insufficient
understanding of the biological response to radiation exposure.
A theoretical model for the derivation of the D10-value has been proposed in this study to
mechanistically assess the production of radiation-induced DNA damage by energetic electrons.
The step-by-step Monte-Carlo simulation technique, which employs the detailed histories of the
ionizing particles and the radiolytic species, was utilized. The effects of selected parameters
including the genomic sequence, the type of DNA double strand break, the DNA damaging
agents, the radical scavengers, the degree of dispersion of DNA molecules, and the number of
genome equivalents were hypothetically investigated. The developed computational methodology
as well as the results presented can be used as an analytical tool to evaluate the impact of
ionizing radiation on cell survival.
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