A Study of Real Options on Technology Transfer Pricing-The M&A Case of Foxconn and Quanta / 實質選擇權於技術移轉定價之研究-以鴻海與廣達購併案為例

碩士 / 國立交通大學 / 科技管理研究所 / 95 / Many organizations are forced to attain the goal with limited resource under the pressure of intense competition and resource restriction. However what factors influence technology transfer? And what is the appraised value? It is exactly a subject that enterprises need to understand it at present. This research uses real option theory, which can provide the pricing models that fit the situations of technology transfer. Based on Bollen’s study (1999), technology value is evaluated by market demand and the following six factors: 1. transferring time and opportunity cost; 2. future market value; 3. potential substitute technology; 4. objective compatibility; 5. future capital investment; 6. R&D and potential growth. Besides, how three types of options, “Option to Defer Investment”, “Option to Expand” and “Option to Abandon for Salvage Value”, influence the value would be discussed and a more flexible and agreeable pricing model will be presented. In the end, a case study of Foxconn and Quanta will be analyzed and the possibility of strategic alliance will be evaluated. First, we would analyze the historical stock price of Foxconn and Quanta. Second, we would discuss the factors affecting organization value. Finally, we would apply Mondicaro theory to forecast the stock price. The research would argue the organization value in three dimensions: profit estimation, risk estimation, time elasticity and decision power of management. Based on the study, we found that the development OLPC and the strategic alliance with Foxconn are the main forces of future value. It is estimated that Foxconn should pay NT880,000,000-NT2,140,000,000 to merge with Quanta and Foxconn should exchange stock in 1:3 to 1:8 rates.

Identiferoai:union.ndltd.org:TW/095NCTU5230037
Date January 2007
Creators李宜庭
Contributors袁建中
Source SetsNational Digital Library of Theses and Dissertations in Taiwan
Languagezh-TW
Detected LanguageEnglish
Type學位論文 ; thesis
Format113

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