이항옵션모형을 이용한 부동산 개발가치 평가에 관한 연구
Valuation of Real Estate Development Project by Using Binomial Option Pricing Model
0
조회
0
다운로드
45
인용
0
참고문헌
키워드
초록
Abstract
Real estate development project is the core field of real estate industries Furthermore, real estate development requires huge capital investment and has very risky characteristics. Until now, typical approaches of real estate development valuation such as NPV or IRR method have been used. But, they cannot properly capture managerial flexibility to adapt and revise later decisions in response to unexpected market risks.Real options valuation method is based on financial option's characteristics and checks every revision interval whether situation have changed favorable to decision maker or not. In advantageous situation, the decision maker exercises options. In contrast, with unfavorable situation, he abandons options immediately. In this aspect, real option is more suitable in very uncertain and dynamic market environment. In order to verify the usefulness of the real options valuation method, this study performed an economic analysis for a virtual construction and operation project of real estate development by using binomial model. The results from this case was compared to those from the traditional DCF method. Therefore, the project not justified in terms of DCF method would turn into the project with a positive project value by reflecting managerial flexibilities in the original project.
참고문헌 (25)
- "EXCEL을 이용한 재무관리" (2000), 도서출판 탐진
- "현대재무관리(제6판)", 6 (2001), 다산출판사
- "실물옵션을 이용한 부동산 개발프로젝트의 가치평가" (2004)
- "파생금융상품과 금융위험관리" (2000), 경문사
- "실물옵션가격결정법을 활용한 에너지 관련사업의 경제성 평가" (2001), 에너지경제연구소
- "파생상품과 헤징전략" (1999), 탐진
- "몬테카를로 시뮬레이션을 이용한 옵션가격결정모형" (1998)
- "『가치평가론 Investment Valuation" (1998), 경문사
- "Real Option을 이용한 IT투자분석" (2001), 정보통신정책연구원
- "Principles of Corporate Finance (6th ed)" (2000), McGraw -Hill
- Cavus,Jose Pereira, "Real Option:Evaluating Corporate Investment Opportunities in a Dynamic World" (2001), Prentice Hall
- "Real Options" (2001), Texere
- "『Investment Under Uncertainty』" (1994), Princeton Princeton University Press
- "The Real Options Solution : Finding Total Value in a High-Risk World" (2001), John Wiley & Sons, inc
- "Fixed Income Mathematics" (1997), McGraw-Hill
- "Financial Management and Real Options" (2003), Wiley
- "Options, Futures and Other Derivatives" (2002)
- "Real Options Analysis Course : Business Cases and Software Applications" (2003), John Wiley & Sons, Inc
- "Real Options: Managing Strategic Investment in an Uncertain World" (1999), Harvard Business School
- "An Introduction to Real Options", 2 (2002)
- "Real Options and Investment under Uncertainty:Classical Readings and Recent Contributions" (2001), MIT Press
- "Financial Modeling (2th ed)" (2001), The MIT Press
- "Real Options: Managerial Flexibility and Strategy in Resource Allocation" (1996), MIT Press
- "Real Estate Finance and Investments (11th ed)" (2002), McGraw-Hill
- "Real Estate Finance and Investments (11th ed)" (2002), McGraw-Hill