本研究探討具有波動特性的休閒產業，如何將實質選擇權的觀念運用於企業的暫時性人力，利用二項式選擇權評價模式，將企業在人力運用上的管理彈性加以量化，藉以將實質選擇權與人力資源決策做一結合。本研究以劍湖山世界與六福村主題樂園為研究對象，以遊客人數及其公開的財務報表等相關歷史資料估計模型的參數值，推導此管理彈性的價值。研究結果顯示，業者在人力運用的決策上擁有遞延的權利，此權利的價值可藉由實質選擇權予以評價。劍湖山世界實質選擇權價值為122,091,779元，六福村主題樂園選擇權價值為161,079,372元。波動性較大的六福村主題樂園所求算出的實質選擇權價值高於波動性相對較小的劍湖山世界。實質選擇權對業者使用暫時性人力帶來正向貢獻，顯示此人力運用的決策具有其管理彈性價值。

Demand fluctuation is the characteristic of leisure industry. The managers tend to use labor flexibility in reaction to the volatility of the market environment. This study applies the concept of defer option to evaluate the value of management flexibility through binomial option pricing model.The historical data of Janfusun Fancy World and Leofoo Village are utilized to calculate the parameters in the option pricing model. The results show that the real option values of Janfusun Fancy World and Leofoo Village are NT122,091,779 and NT161,079,372, respectively. The real option value of Janfusun Fancy World is higher than that of Leofoo Village because of higher fluctuation. The more volatile the market environment, the higher the option value; the higher the cost of temporary workers, the lower the option value. Moreover, this study demonstrates the management flexibility is valuable.