台灣科技產業分為三類，一類是專門從事OEM（委託代工），佔最大多數，例如：鴻海，以接取大量訂單降低生產成本為主要競爭優勢，一類是專營自有品牌，例如：宏□，以品牌帶來的高附加價值賺取超額報酬，而少部份廠商，則兼營OEM與OBM（自有品牌），例如：明基、華碩、宏達電等，這類廠商因自有品牌的成長造成代工與自有品牌的衝突，甚至造成訂單的流失，使得廠商面臨是否要將OEM與OBM分家的兩難，其中明基與華碩都決定在今年要將OEM與OBM分家，而宏□與緯創的成功分割經驗就是他們想要效法的對象，不同於時常被用來當作評估投資計畫的傳統淨現值法，本文採用放棄選擇權的概念提供高科技廠商面臨分割決策時的參考依據，依McDonald and Siegel (1986)提出的遞延選擇權模型以及Fradkin (2004)隨後提出的放棄選擇權來做數值分析，估算出一個對廠商最有利的分割時點。研究對象選擇宏□當作實證案例，並為明基的分割時點作預測，研究結果發現，估算出來的時點與宏□真實的分割時點相近，證實遞延選擇權模型應用於分割決策的可行性，而在明基的個案方面，則建議明基延後執行分割會較有利。

　　
　　Technology companies in Taiwan can be separated into three categories. One engages in OEM, such as foxconn, has cost advantage, the second one engages in own brand, such as Acer, earns high profits by brand value, and the third one, engages in both OEM and OBM, such as BenQ, Asus, HTC, etc. BenQ and Asus decide to separate their OEM and OBM this year, and they hope their case can be as successful as that of Acer & Wistron. We use the abandon options approach in this study to decide the optimal time for companies to separate their departments of OBM and OEM. Based on the models of McDonald and Siegel (1986) and Fradkin (2004), our study shows that while Acer & Wistron separated at the proper time, BenQ’s case has to be postponed.

一、中文文獻
[1] 施振榮，宏□的世紀變革，天下遠見出版，民93。

[2] 李秋慧，台灣廠商國際化下之品牌策略-產業條件與自創品牌之個案分析，國立台灣大學，商學研究所碩士論文，民75。

[3] 徐婉萍，自有品牌開發對客戶權益的影響分析-以電腦代工業為例，私立東吳大學，國際貿易學研究所碩士論文，民94。

[4] 黃蕙娟，台灣企業國際上自創品牌策略之研究，國立政治大學，企業管理研究所碩士論文，民78。

[5] 蔡靜怡，我國廠商國際自創品牌策略之研究，國立台灣大學，國際企業學研究所碩士論文，民85。

[6] 蔡崇祺，從全球代工產業到國際品牌經營的策略研究-Acer轉型和國際化個案分析，國立台灣大學國際企業研究學研究所碩士論文，民95。

二、英文文獻
[1] Dixit, Avinash K. and Robert S. Pindyck, “Investment under uncertainty,” Princeton University Press, 1994.

[2] Fradkin, M., “The Option to Sell a Real Asset and The Grace Rate Rule,” 8th International Conference on Real Options, Montreal , Canada, June 17-19, 2004.

[3] Hayes, R. and D. Garvin, “Managing as if Tomorrow Mattered,” Harvard Business Review, pp. 71-79, May-June, 1982.

[4] Ingersoll, Jonathan E. and Stephen A. Ross, “Waiting to Invest: Investment and Uncertainty,” Journal of Business, vol. 65, no. 1, pp. 1-28, Jan 1992.

[5] McDonald, R., and D. Siegel., “The Value of Waiting to Invest,” Quarterly Journal of Economics, vol. 101, no. 4, pp. 707-727, 1986.

[6] Myer, S. C., “Financial Theory and Financial Strategy,” Midland Corporate Finance Journal, vol. 5, no. 1, pp. 44-58, 1987.

[7] Myer, S. C. and S. Majd., “Abandonment Value and Project Life,” Advances in Futures and Options Research , vol. 4, pp. 78-91, 1990.

[8] Richards, Timothy J. and Paul M. Patterson, “Slotting Allowances as Real Options: An Alternative Explanation,” Journal of Business, vol. 77, no. 2, pp. 675-695, 2004.

[9] Trigeorgis, L. and S. P. Manson, “Valuing Managerial Flexibility,” Mildland Corporate Finance Journal , vol. 5, no. 1, pp. 14-21, 1987.

[10] Trigeorgis, L., “Real Options: Managerial Flexibility and Strategy in Resource Allocation.” The MIT Press, pp. 173-187, 1996.