為釋放公有地供民間開發利用，台灣促進民間參與公共建設投資之相關法規納入適用之項目包括非屬公權力執行或政府管制之事業，例如遊憩設施、紀念館、展示館、商場及商業大樓等。這些計畫所提供之產品或服務在市場上面臨之產品替代性及需求彈性大，以致承受較高之市場風險，因此需要比傳統BOT 項目更大的經營決策彈性以降低風險，並提高計畫之可行性。本研究以台東深層海水生物技術園區為案例，先以蒙地卡羅模擬衡量計畫之風險，再運用二項式選擇權訂價模式，探討給予BOT 特許投資人擴大計畫規模或終止之決策彈性，對BOT 計畫價值及可行性之影響。本研究成果結果顯示，加入彈性決策 (增加或終止) 有助於提高BOT 計畫的財務可行性，對於非屬公權力執行或政府管制的事業，本研究提供一個提高BOT 廠商投標意願之可行方向。

In order to authorize the private sector to develop the public-owned
land or properties, the positive list of concessional projects given in the private participation related laws and regulations in Taiwan consists of those projects that are not traditionally provided or regulated by the government. These concessional items include tourism projects such
as theme park, memorials, show rooms, commercial centers or buildings. The private entity is entitled to have exclusive right to operate on the public land, however, the products or services provided under the concessional arrangement have to compete with existing or potential substitutions in the market and to face a high-elastic demand curve. Therefore, the concessional private entity needs more flexibility in decisions to confront the high market risks and enhance the viability of the project. Using the Taitung Deep-sea Biotechnology Park as a synthetic example, the present study demonstrates how the operating flexibility in expansion and early termination can increase the value, and therefore enhance the viability,of the project. We used Monte Carlo simulation to measure the project risk and applied the binomial option pricing model to evaluate the value of the decision flexibility in the concessional business operations.