傳統的資本預算評估方法，將波動性全然視為企業的風險，忽略波動性所可能帶來的超額報酬，以至於企業在評估資本預算計畫時採用過高的折現率，此舉將導致管理當局接收錯誤的資訊，錯失具有執行價值的投資機會。
有鑑於此，本研究採用彈性具有正向價值之觀念，將統寶光電之延遲、擴充、縮減、放棄等實質選擇權依二項式模型進行估算，並將計算所得之結果加回傳統之資本預算方法，並以加總後之總額做為投資決策是否值得進行之判斷依據，希望能提供給管理當局一個較為全面的視野，避免過多的主觀意識，使評估的結果更為合理。本研究得到下列結論：
透過統寶光電公司之投資計畫由不應執行轉為應該執行的過程，本文證明了管理彈性是有價值的。由於實質選擇權視投資機會為一連串的選擇權，而折現現金流量法則視投資機會為需立即執行的計劃，因此在做投資案的評估時，實質選擇權法較折現現金流量法多考慮了經理人決策上的彈性，尤其是針對光電業這類營收波動幅度劇烈的產業中，實質選擇權法比傳統之預算方法更能幫助經理人有效使且快速的調整投資決策，幫助企業資源進行更有效率之配置。
傳統的折現現金流量評價法在考量彈性價值的因素之後，更能顯現出投資計劃的真正價值，但此現象並不意味實質選擇權模型可以完全取代折現現金流量評價模型。針對需要立即做決定之投資計劃，折現現金流量法仍是一個有效的衡量法，而實質選擇權法則是適用於不確定性甚高的環境下之部份包含階段性及選擇權觀念的投資計劃。

The traditional capital budgeting means regards the violence as the risk of business. It ignores the extra rewards which comes from the violence,
so that the business will take a too high discounting rate and refuse the valuable opportunity for investments.
Therefore, the study regards the flexibility of decision as the positive concept. This study add the flexible value into the outcome of the
traditional capital budgeting and the financial manager will make the decisions depending upon the former outcomes.The conclusions in this study are shown as follows:
1. This stusy demonstrates that the managerial flexibility is valuable.Because the real options regards the opportunity of investments as the
project which is indispensable to be executed instantly. Therefore,when financial managers take the means of real options to measure the capital budgeting , it will do good to the managers to make decisions quickly and help the firms to allocate their resources efficiently.
2. The real options can’t replace the traditional discounting-cash-flow completely. When a manager faces to a steady environment, the method of discounting-cash-flow still is a good measure means. When a manager faces to an uncertain environment, maybe the real options will be a better choice.

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