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題名 服務導向架構投資專案的轉換策略:應用實質選擇權
Switching strategy of service-oriented architecture investment project:applying real option approach
作者 馮秉義
Feng, Ping Yi
貢獻者 張欣綠
Chang, Hsin Lu
馮秉義
Feng, Ping Yi
關鍵詞 服務導向架構
實質選擇權
網路外部性
轉換選擇權
Service-oriented architecture
Real option
Network externality
Switching option
日期 2008
上傳時間 18-Sep-2009 20:15:03 (UTC+8)
摘要 More and more enterprises plan to switch their legacy system to service-oriented architecture (SOA). SOA, the focus of recent software-engineering, modulizes the IT components as “services” which could be re-jointed with each other flexibly and reused to avoid building parts repeatedly. This methodology also yields network externalities (Katz and Shapiro 1986; Markus 1987) as a number of services are integrated. An enterprise could increase the number of services to earn network externalities but such benefits come with risks.<br>This study aims to evaluate the investment of SOA and justifies the switch of current systems to SOA. Since SOA investment is usually a long-term and risky project for most enterprises, uncertainty becomes an important evaluation factor of an SOA project. This research applies the real option approach to evaluate an SOA switching project which majorly justifies the uncertainties, and use Monte-Carlo simulation to do the option pricing work. We consider three components of uncertainty in the model– risk, exercise time and number of connecting services for reusing- and evaluate how the uncertainty relates to the value of an SOA project. Finally, this research deduces the investment strategies under uncertainties, and describes what advantages for real option SOA has which are SOA could reduce the investment friction.
參考文獻 Amram, M, and Kulatilaka, N. Real Options: Managing Strategic Investment in an Uncertain World, Oxford University Press, USA,1998.
Baxter, M. W. and Rennie, A. J. O. Financial Caculas, Cambridge University Press, Cambridge, 1996.
Bayer, J., and Melone, N. “A Critique of Diffusion Theory as a Managerial Framework for Understanding the Adoption of Software Engineering Innovations,” Journal of Systems and Software (9:2), 1989, pp. 161-166.
Benaroch, M., “Manage Information Technology Investment Risk: A Real Option Perspective”, Journal of Management Information System(19:2), 2002, pp. 43-84.
Benaroch, M., and Kauffman, R. J. “Electronic Banking & real options Analysis,” MIS Quarterly (24:2), 2000, pp. 197-225.
Black, F., and M. Scholes. “The Pricing of Options and Corporate Liabilities,” Journal of Political Economy (81:3), 1973, pp. 637-659.
Boyle, P. 〝Options：A Monte Carlo Approach,〞Journal of Financial Economics (4:3), 1977, pp.323-338.
Brealey, R. A. and Myers, S. C. Principles of Corporate Finance, Mc-Graw-Hill, New York, 1988.
Brennan, M., and Schwartz, E., “Evaluating Natural Resource Investments”, Journal of Business (58:2), 1985, pp.135-157.
BusinessWeek, http://www.businessweek.com/globalbiz/content
/may2006/gb20060524_374324.htm, 2006, accessed on 2008/09/27.
Chang, H., Lu, C., Wang, K., and Feng, P. “An Exploratory Study of Risk Factors for Implementing Service-Oriented IS Projects," Proceedings of the Seventh Pre-ICIS Workshop on E-Business (WEB-2008), December, Paris, France, 2005.
Chatwin, R., Bonduelle, Y., Goodchild, A., Harmon, F., and Mazzuco,J., “real option Valuation for E-business: a Case Study,” real options and Business Strategy : Applications to Decision-making, Trigeoris, L. Edited, 1999.
Copeland, T., and Antikarov, V. Real Options: A Practitioner’s Guide, W. W. Norton & Company, 2001.
Cox, J. C., Ingersoll, J. E., and Ross, S. A., “An intertemporal General Equilibrium Model of Asset Prices,” Econometrica (53:2), 1983, pp. 363-384.
Damodaran, Investment Valuation: Tools and Techniques for Determining the Value of Any asset, 2nd edition, John Wiley & Sons, 2002.
Dos Santos, B. L., “Justifying Investments in New Information Technologies,” Journal of Management Information System (7:4), 1991, pp. 71-90.
IBM Institute for Business Value, “Service-Oriented Architecture: A practical guide to measuring return on investment”, IBM Global Service, http://i.i.com.com/cnwk.1d/html/itp/IBM_amsG510_6320_00_SOA
_ROI.pdf, 2006, accessed on 2008/09/26.
Erl, T. SOA: Principles of Service Design, Prentice Hall, 2008.
Gilder, G. Metcalfe`s Law and legacy, Forbes ASAP, 1993.
Gartner TCO, “Gartner Total Cost of Ownership,” Gartner Group, http://amt.gartner.com/TCO/MoreAboutTCO.htm , 1987, accessed on 2008/10/06.
Katz, M. L. and Shapiro, C., “Technology Adoption in the Presence of Network Externalities,” Journal of Political Economy (94:4), 1986, pp. 822-841.
Kauffman, R. J., McAndrews, J., and Wang, “Opening the “Black Box” of Network Externalities in Network Adoption,” Information System Research (11:1), March 2000, pp. 61-82
Kaye, D., Loosely Coupled—The Missing Pieces of Web Services, RDS Press, 2003.
Krafzig, D., Bankie, K., and Slama, D. Enterprise SOA: Service-Oriented Architecture Best Practices, Prentice Hall, 2006. http://www.logiclibrary.com/pdf/wp/ROI_of_SOA.pdf, accessed on 2008/09/28.
Kumar, R. L., “A Note on Project Risk and Option Values of Investments in Information Technologies," Journal of Management Information Systems (13:1), 1996, pp. 187~193.
Kwon, T. H., and Zmud, R. W., "Unifying the Fragmented Models of Information Systems Implementation," in Boland and Hirschheim (Eds.), Critical Issues in Information Systems Research, John Wiley, New York, 1987, pp. 227-251.
Luehrman, T. A., “Opportunities as real options: Getting Started on the Numbers”, Harvard Business Review, July-August 1998, pp. 51-67.
Marks, E. A., The SOA Network Effect: Technical and Cultural Issues Drive Value, ComputerWorld Online, August 16, 2004.
arks, E. A., and Michael Bell, Service-Oriented Architecture: A Planning and Implementation Guide for Business and Technology, John Wiley, 2006.
Mason. S. P., and Merton. R. C., “The Role of Contingent Claims Analysis in Corporate Finance,” in: E. I. Altman (Eds.), Recent Advance in Corporate Finance, Homewood, IL: Richard D. Irwin, 1985, pp. 7-54.
McFarlen, F. W., “Portfolio approach to information systems,” Harvard Business Review, September-October 1981, pp. 142-159
Nucleus Research, “SOA’s ROI in the Enterprise is MIA, Nucleus Research Survey Finds ”, http://www.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20070820005598&newsLang=en, accessed on 2008/9/28.
Orton, J. D. and Weick, K. E., “Loosely Coupled Systems: A Reconceptualization,” Academy of Management Review (15:2), 1990, pp. 203-223.
Poulin, J., and Himler, A., “The ROI of SOA: Based on Traditional Component Reuse,” LogicLibrary Inc., 2006.
Schekkerman, J., “What you all need to know about Service Orientation!!,” Institute For Enterprise Architecture Developments, 2006, http://www.enterprise-architecture.info/Images/Services%20Oriented%20Enterprise/What%20you%20have%20to%20Know%20about%20Services%20Orientation%20-%20JS%2002-2006.pdf, accessed on 2008/09/29.
Schwartz, E. S., and M. Moon, “Rational Pricing of Internet Companies,” Financial analyst Journal, (56:3), 2000, pp. 62-75.
Sick, G., Capital Budgeting with real options, Monograph Series in Finance and Economics, Salomon Brothers Center for the Study of Financial Institutions, Stem School of Business, New York University, New York, 1990.
Stoll, R., Hans, “Friction,” Journal of Finance, (55:4), 2000, pp. 1479-1514.
Sun Microsystems, “SUN SOLUTIONS AND SERVICES FOR ADOPTING A SERVICE-ORIENTED ARCHITECTURE,” white paper, 2007.
Techopitayakul, D., and Johnson, B., “ASP-based Software Delivery: a Real Options Analysis,” white paper, 2001.
Tserlukevich, Yuri, “Can Real Options Explain Financing Behavior?,” Journal of Financial Economics, (89:2), 2008, pp. 232 -252.
Department of Justice, Information Resources Management, Systems Development Life Cycle Guidance Document, 2003.
描述 碩士
國立政治大學
資訊管理研究所
96356039
97
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0096356039
資料類型 thesis
dc.contributor.advisor 張欣綠zh_TW
dc.contributor.advisor Chang, Hsin Luen_US
dc.contributor.author (Authors) 馮秉義zh_TW
dc.contributor.author (Authors) Feng, Ping Yien_US
dc.creator (作者) 馮秉義zh_TW
dc.creator (作者) Feng, Ping Yien_US
dc.date (日期) 2008en_US
dc.date.accessioned 18-Sep-2009 20:15:03 (UTC+8)-
dc.date.available 18-Sep-2009 20:15:03 (UTC+8)-
dc.date.issued (上傳時間) 18-Sep-2009 20:15:03 (UTC+8)-
dc.identifier (Other Identifiers) G0096356039en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/36949-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 資訊管理研究所zh_TW
dc.description (描述) 96356039zh_TW
dc.description (描述) 97zh_TW
dc.description.abstract (摘要) More and more enterprises plan to switch their legacy system to service-oriented architecture (SOA). SOA, the focus of recent software-engineering, modulizes the IT components as “services” which could be re-jointed with each other flexibly and reused to avoid building parts repeatedly. This methodology also yields network externalities (Katz and Shapiro 1986; Markus 1987) as a number of services are integrated. An enterprise could increase the number of services to earn network externalities but such benefits come with risks.<br>This study aims to evaluate the investment of SOA and justifies the switch of current systems to SOA. Since SOA investment is usually a long-term and risky project for most enterprises, uncertainty becomes an important evaluation factor of an SOA project. This research applies the real option approach to evaluate an SOA switching project which majorly justifies the uncertainties, and use Monte-Carlo simulation to do the option pricing work. We consider three components of uncertainty in the model– risk, exercise time and number of connecting services for reusing- and evaluate how the uncertainty relates to the value of an SOA project. Finally, this research deduces the investment strategies under uncertainties, and describes what advantages for real option SOA has which are SOA could reduce the investment friction.en_US
dc.description.tableofcontents CHAPTER ONE: Introduction 5
1.1 Research Background 5
1.2 Research Motivation 6
CHAPTER TWO: Literature Review 7
2.1 Service-Oriented Architecture 7
2.1.1 Concept of Service Oriented Architecture 7
2.1.2 Loosely-Coupled Services: Services are Independent 8
2.1.3 The Return and Value of SOA Projects 9
2.1.4 Investment Expenditure of SOA project 12
2.2.5 The Network Effects of SOA 13
2.2 Switching Investment of Information System 15
2.3 Capital Budgeting Methodology 17
2.3.1 Traditional Valuation Methodology-NPV 17
2.3.2 Real Option Approach 18
2.3.3 Switching Option 20
2.3.4 Option Pricing Model 22
2.4 The Uncertainty of SOA Development 24
2.4.1 the Risk Level in SOA 24
2.4.2 the Risk Level in Non-SOA 24
2.4.3 Connecting Number 25
2.4.4 Market Price of Risk 26
2.4.5 Friction – Value Delayed by Implementation 27
CHAPTER THREE: Research Framework 29
3.1 Modeling SOA Switch Options 29
3.2 Modeling Uncertainty 31
3.3 Modeling Measure Errors of Friction 33
3.4 Risk Function of Service-Integration 34
CHAPTER FOUR: Pricing Model 37
4.1 Pricing Strategy 37
4.2 Simulation Algorithm 37
4.3 Parameter Relations of Benefits 38
4.4 Statistic of Delay Errors 39
CHAPTER FIVE: Sensitivity Analysis 40
5.1 Case for Using Switch Option to Justify SOA Investment 40
5.2 Sensitivity Analysis for Scenario Case 44
5.2.1 Option Value under risk 44
5.2.2 Option Value under Various Exercise Time 46
5.3 Analysis for Measure Errors Caused by Implementation Delay 48
5.3.1 Measure Error under Delay Time 48
5.3.2 Measure Errors under Coupled Coefficient 49
CHAPTER SIX: Discussion 51
6.1 SOA Investment Strategy under Switching Option 51
6.2 Suitability for Applying Real Option Approach 52
CHAPTER SEVEN: Conclusion 54
7.1 Summary 54
7.2 Contributions 54
7.3 Limitations and Future Research 55
Reference 56		zh_TW
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dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0096356039en_US
dc.subject (關鍵詞) 服務導向架構zh_TW
dc.subject (關鍵詞) 實質選擇權zh_TW
dc.subject (關鍵詞) 網路外部性zh_TW
dc.subject (關鍵詞) 轉換選擇權zh_TW
dc.subject (關鍵詞) Service-oriented architectureen_US
dc.subject (關鍵詞) Real optionen_US
dc.subject (關鍵詞) Network externalityen_US
dc.subject (關鍵詞) Switching optionen_US
dc.title (題名) 服務導向架構投資專案的轉換策略:應用實質選擇權zh_TW
dc.title (題名) Switching strategy of service-oriented architecture investment project:applying real option approachen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) Amram, M, and Kulatilaka, N. Real Options: Managing Strategic Investment in an Uncertain World, Oxford University Press, USA,1998.zh_TW
dc.relation.reference (參考文獻) Baxter, M. W. and Rennie, A. J. O. Financial Caculas, Cambridge University Press, Cambridge, 1996.zh_TW
dc.relation.reference (參考文獻) Bayer, J., and Melone, N. “A Critique of Diffusion Theory as a Managerial Framework for Understanding the Adoption of Software Engineering Innovations,” Journal of Systems and Software (9:2), 1989, pp. 161-166.zh_TW
dc.relation.reference (參考文獻) Benaroch, M., “Manage Information Technology Investment Risk: A Real Option Perspective”, Journal of Management Information System(19:2), 2002, pp. 43-84.zh_TW
dc.relation.reference (參考文獻) Benaroch, M., and Kauffman, R. J. “Electronic Banking & real options Analysis,” MIS Quarterly (24:2), 2000, pp. 197-225.zh_TW
dc.relation.reference (參考文獻) Black, F., and M. Scholes. “The Pricing of Options and Corporate Liabilities,” Journal of Political Economy (81:3), 1973, pp. 637-659.zh_TW
dc.relation.reference (參考文獻) Boyle, P. 〝Options：A Monte Carlo Approach,〞Journal of Financial Economics (4:3), 1977, pp.323-338.zh_TW
dc.relation.reference (參考文獻) Brealey, R. A. and Myers, S. C. Principles of Corporate Finance, Mc-Graw-Hill, New York, 1988.zh_TW
dc.relation.reference (參考文獻) Brennan, M., and Schwartz, E., “Evaluating Natural Resource Investments”, Journal of Business (58:2), 1985, pp.135-157.zh_TW
dc.relation.reference (參考文獻) BusinessWeek, http://www.businessweek.com/globalbiz/contentzh_TW
dc.relation.reference (參考文獻) /may2006/gb20060524_374324.htm, 2006, accessed on 2008/09/27.zh_TW
dc.relation.reference (參考文獻) Chang, H., Lu, C., Wang, K., and Feng, P. “An Exploratory Study of Risk Factors for Implementing Service-Oriented IS Projects," Proceedings of the Seventh Pre-ICIS Workshop on E-Business (WEB-2008), December, Paris, France, 2005.zh_TW
dc.relation.reference (參考文獻) Chatwin, R., Bonduelle, Y., Goodchild, A., Harmon, F., and Mazzuco,J., “real option Valuation for E-business: a Case Study,” real options and Business Strategy : Applications to Decision-making, Trigeoris, L. Edited, 1999.zh_TW
dc.relation.reference (參考文獻) Copeland, T., and Antikarov, V. Real Options: A Practitioner’s Guide, W. W. Norton & Company, 2001.zh_TW
dc.relation.reference (參考文獻) Cox, J. C., Ingersoll, J. E., and Ross, S. A., “An intertemporal General Equilibrium Model of Asset Prices,” Econometrica (53:2), 1983, pp. 363-384.zh_TW
dc.relation.reference (參考文獻) Damodaran, Investment Valuation: Tools and Techniques for Determining the Value of Any asset, 2nd edition, John Wiley & Sons, 2002.zh_TW
dc.relation.reference (參考文獻) Dos Santos, B. L., “Justifying Investments in New Information Technologies,” Journal of Management Information System (7:4), 1991, pp. 71-90.zh_TW
dc.relation.reference (參考文獻) IBM Institute for Business Value, “Service-Oriented Architecture: A practical guide to measuring return on investment”, IBM Global Service, http://i.i.com.com/cnwk.1d/html/itp/IBM_amsG510_6320_00_SOAzh_TW
dc.relation.reference (參考文獻) _ROI.pdf, 2006, accessed on 2008/09/26.zh_TW
dc.relation.reference (參考文獻) Erl, T. SOA: Principles of Service Design, Prentice Hall, 2008.zh_TW
dc.relation.reference (參考文獻) Gilder, G. Metcalfe`s Law and legacy, Forbes ASAP, 1993.zh_TW
dc.relation.reference (參考文獻) Gartner TCO, “Gartner Total Cost of Ownership,” Gartner Group, http://amt.gartner.com/TCO/MoreAboutTCO.htm , 1987, accessed on 2008/10/06.zh_TW
dc.relation.reference (參考文獻) Katz, M. L. and Shapiro, C., “Technology Adoption in the Presence of Network Externalities,” Journal of Political Economy (94:4), 1986, pp. 822-841.zh_TW
dc.relation.reference (參考文獻) Kauffman, R. J., McAndrews, J., and Wang, “Opening the “Black Box” of Network Externalities in Network Adoption,” Information System Research (11:1), March 2000, pp. 61-82zh_TW
dc.relation.reference (參考文獻) Kaye, D., Loosely Coupled—The Missing Pieces of Web Services, RDS Press, 2003.zh_TW
dc.relation.reference (參考文獻) Krafzig, D., Bankie, K., and Slama, D. Enterprise SOA: Service-Oriented Architecture Best Practices, Prentice Hall, 2006. http://www.logiclibrary.com/pdf/wp/ROI_of_SOA.pdf, accessed on 2008/09/28.zh_TW
dc.relation.reference (參考文獻) Kumar, R. L., “A Note on Project Risk and Option Values of Investments in Information Technologies," Journal of Management Information Systems (13:1), 1996, pp. 187~193.zh_TW
dc.relation.reference (參考文獻) Kwon, T. H., and Zmud, R. W., "Unifying the Fragmented Models of Information Systems Implementation," in Boland and Hirschheim (Eds.), Critical Issues in Information Systems Research, John Wiley, New York, 1987, pp. 227-251.zh_TW
dc.relation.reference (參考文獻) Luehrman, T. A., “Opportunities as real options: Getting Started on the Numbers”, Harvard Business Review, July-August 1998, pp. 51-67.zh_TW
dc.relation.reference (參考文獻) Marks, E. A., The SOA Network Effect: Technical and Cultural Issues Drive Value, ComputerWorld Online, August 16, 2004.zh_TW
dc.relation.reference (參考文獻) arks, E. A., and Michael Bell, Service-Oriented Architecture: A Planning and Implementation Guide for Business and Technology, John Wiley, 2006.zh_TW
dc.relation.reference (參考文獻) Mason. S. P., and Merton. R. C., “The Role of Contingent Claims Analysis in Corporate Finance,” in: E. I. Altman (Eds.), Recent Advance in Corporate Finance, Homewood, IL: Richard D. Irwin, 1985, pp. 7-54.zh_TW
dc.relation.reference (參考文獻) McFarlen, F. W., “Portfolio approach to information systems,” Harvard Business Review, September-October 1981, pp. 142-159zh_TW
dc.relation.reference (參考文獻) Nucleus Research, “SOA’s ROI in the Enterprise is MIA, Nucleus Research Survey Finds ”, http://www.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20070820005598&newsLang=en, accessed on 2008/9/28.zh_TW
dc.relation.reference (參考文獻) Orton, J. D. and Weick, K. E., “Loosely Coupled Systems: A Reconceptualization,” Academy of Management Review (15:2), 1990, pp. 203-223.zh_TW
dc.relation.reference (參考文獻) Poulin, J., and Himler, A., “The ROI of SOA: Based on Traditional Component Reuse,” LogicLibrary Inc., 2006.zh_TW
dc.relation.reference (參考文獻) Schekkerman, J., “What you all need to know about Service Orientation!!,” Institute For Enterprise Architecture Developments, 2006, http://www.enterprise-architecture.info/Images/Services%20Oriented%20Enterprise/What%20you%20have%20to%20Know%20about%20Services%20Orientation%20-%20JS%2002-2006.pdf, accessed on 2008/09/29.zh_TW
dc.relation.reference (參考文獻) Schwartz, E. S., and M. Moon, “Rational Pricing of Internet Companies,” Financial analyst Journal, (56:3), 2000, pp. 62-75.zh_TW
dc.relation.reference (參考文獻) Sick, G., Capital Budgeting with real options, Monograph Series in Finance and Economics, Salomon Brothers Center for the Study of Financial Institutions, Stem School of Business, New York University, New York, 1990.zh_TW
dc.relation.reference (參考文獻) Stoll, R., Hans, “Friction,” Journal of Finance, (55:4), 2000, pp. 1479-1514.zh_TW
dc.relation.reference (參考文獻) Sun Microsystems, “SUN SOLUTIONS AND SERVICES FOR ADOPTING A SERVICE-ORIENTED ARCHITECTURE,” white paper, 2007.zh_TW
dc.relation.reference (參考文獻) Techopitayakul, D., and Johnson, B., “ASP-based Software Delivery: a Real Options Analysis,” white paper, 2001.zh_TW
dc.relation.reference (參考文獻) Tserlukevich, Yuri, “Can Real Options Explain Financing Behavior?,” Journal of Financial Economics, (89:2), 2008, pp. 232 -252.zh_TW
dc.relation.reference (參考文獻) Department of Justice, Information Resources Management, Systems Development Life Cycle Guidance Document, 2003.zh_TW