https://scholars.lib.ntu.edu.tw/handle/123456789/103378
標題: | 信任是否影響彈性?-以實質選擇權觀點評價國際合資之限制 | 作者: | 黃恆獎 | 關鍵字: | 彈性學派;實質選擇權;評價模式;信任;跨國合資;flexibility school;real options;valuation models;trust;international joint ventures | 公開日期: | 2002 | 出版社: | 臺北市:國立臺灣大學國際企業學系暨研究所 | 摘要: | 實質選擇權是一種以實質資產為標的物的選擇權,兼具策略與財務選擇權 的特色。因為一般傳統資本預算方法容易低估投資專案的真正價值,以實質選擇 權的觀點評估投資專案,將會提供決策者比較多的管理彈性來調整或修正未來的 決策,掌握將來獲利的機會。Dyer & Singh (1998)認為橫跨廠商疆界或因跨組織 的資源/慣例所形成的跨組織競爭優勢,可以形成「關係租」,然而本文認為此種 利益可能犧牲了公司的策略彈性。當信任或關係逐漸發展時,參與合作的一方會 覺得很難充分利用實質選擇權來取得策略上的彈性,因為專屬於交易關係的廠商 間連結因素會鼓勵它與交易對手共同承擔風險、保留持股、強化溝通、與相互調 適。在彼此高度互依的關係中,交易的一方會解讀交易對手的某些調整措施(例 如減少採購量、縮小營運規模、延遲投資、或放棄目前營運)為代表下列異狀的 跡象:缺乏繼續承諾的意願、目前彼此的共識面臨動搖、或甚至關係的密切結合 已瀕臨破裂。為了避免負面的影響,廠商會盡量克制不去做那些易造成不信任感 的動作,並傾向於彼此自我克制。因此,廠商不可能享受握有選擇權的一切好處, 同時又能維持一個可信賴伙伴的長期信譽。在這種觀點之下,實質選擇權的價值 應該有一個上限,而且過去我們對於交易合夥人的策略裁量權可能過於高估,必 須重新評估。本研究整合策略管理中的「信任」機制與另一項跨國企業的主流理 論—「彈性」學派。以跨國合資為例,如果合夥的一方擁有「買權」或「賣權」 但同時必須將信任因素列入考慮時,它的策略選擇權值會減少。本文依循Chi and McGuire (1996)的模式,認為當廠商對信任因素的考量大過於對保持彈性的重視時,策略彈性的減少就必須依賴「關係租」的增加來彌補。當擁有實質選擇權的 合資廠商一方必須考量「信任」因素時,其實質選擇權價值的減少,以經濟面的 觀點而言,可以被視為是維持信任關係的機會成本。本文的觀念性架構也可以應 用於全球採購關係、供應鍊管理、以及其他形式的跨廠商合作交易。 Real option is an option which takes real assets as underlying assets. A real option has both the features of strategic and financial options. Since traditional capital budgeting methods may undervalue the investment projects, assessing projects in real option terms will provides decision-makers with managerial flexibility to adapt and revise future decisions in order to capitalize on upcoming profitable opportunities. Dyer and Singh (1998) argue that inter-organizational competitive advantages spanning firm boundaries or being embedded in interfirm resources/routines are able to generate “relational rents,” such gains may be at the sacrifice of a firm’s strategic flexibility. As trust or “guanxi” grows steadily, a partner may find it difficult to make use of real options to attain strategic flexibility, mainly because most relationship-specific interfirm linkages encourage risk-taking, equity preservation, communication, and mutual adaptation. Within highly interdependence relationships, a partner may interpret its counterpart’s adjustments (e.g., downsizing of purchase orders, contraction of operating scale, delaying of investments, and abandoning of current operation) as an indication of a lack of continuing commitment, a possible shake-up in current consensus, or even a potential breakdown of relational bonds. To avoid negative implications, firms may feel obliged to refrain from “trustless” moves, and they tend to practice “mutual forbearance.” It is therefore impossible for a firm to reap the full benefits of “options” while at the same time maintaining a long-standing reputation as a trustworthy partner. In this sense, there may be a cap on the value of any real option, and the discretionary power of any partner is theoretically overestimated and must be re-evaluated. This study integrates the "trust" dimension in strategic management with the main stream "flexibility school" of thoughts in MNC theories. Taking international joint ventures (IJVs) as an example, if one of the parent firms holds a put option and is somewhat obliged to take the trust dimension into account, the value of strategic options may be reduced. Following Chi & McGuire (1996), we propose that when a firm’s respect for trust outweighs its concerns for flexibility, relational gains begin to compensate for the loss of strategic flexibility. When indeed a JV partner who owns real options must take "trust" into consideration, the reduction of the value of its real options is considered, in economic terms, the opportunity cost of sustaining trust in the partnership. The proposed conceptual framework may also apply to global outsourcing, supply chain management and other forms of inter-firm, collaborative arrangements. |
URI: | http://ntur.lib.ntu.edu.tw//handle/246246/17025 | 其他識別: | 902416H002005 | Rights: | 國立臺灣大學國際企業學系暨研究所 |
顯示於: | 國際企業學系 |
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902416H002005.pdf | 332.51 kB | Adobe PDF | 檢視/開啟 |
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