서지주요정보
R&D투자의 경제적 분석 : 옵션을 이용한 접근방법 = Economic analysis of an R&D project : an options approach
서명 / 저자 R&D투자의 경제적 분석 : 옵션을 이용한 접근방법 = Economic analysis of an R&D project : an options approach / 이준서.
저자명 이준서 ; Lee, Joon-Seo
발행사항 [대전 : 한국과학기술원, 2004].
Online Access 원문보기 원문인쇄

소장정보

등록번호

8015376

소장위치/청구기호

학술문화관(문화관) 보존서고

MGSM 04078

SMS전송

도서상태

이용가능

대출가능

반납예정일

등록번호

9009716

소장위치/청구기호

서울 학위논문 서가

MGSM 04078

SMS전송

도서상태

이용가능

대출가능

반납예정일

초록정보

In this thesis a new valuation method is applied to the research and development (R&D), the use of options approach, which permits a more flexible assessment of the future growth opportunities in the entire process. The traditional DCF method when naively applied fails to capture all the future opportunities that create value, thereby resulting in an underinvestment in R&D. The options approach is more appropriate in a world of uncertainty because it views an R&D project as an initial investment that creates future follow-on commercial opportunities that are undertaken only if the initial R&D project is successful. The advent of options pricing methodology and its application to investment opportunities allows firms to value downstream alternatives that may become available. In this thesis a valuation model that incorporates the risk-free arbitrage features of the binomial option pricing model into the decision tree framework is applied to the research and development. The model is applied to the new R&D project of a venture company to illustrate how one can use the option approach rather than the conventional DCF method to value an R&D investment involving the introduction of a new product. In addition, the valuation method shows how R&D project can be linked to a company’s stock price to make more meaningful economic decision to investors.

서지기타정보

서지기타정보
청구기호 {MGSM 04078
형태사항 vi, 52 p. : 삽도 ; 26 cm
언어 한국어
일반주기 부록 수록
저자명의 영문표기 : Joon-Seo Lee
지도교수의 한글표기 : 김동석
지도교수의 영문표기 : Tong-Suk Kim
학위논문 학위논문(석사) - 한국과학기술원 : 금융공학전공,
서지주기 참고문헌 : p. 50-52
주제 R&D 투자
R&D PROJECT
QR CODE qr code