학술논문
온라인 여행사의 투자 활성화를 위한 경제성 평가모형 정립 : IRR적용
이용수 73
- 영문명
- Economical Evaluation Model for Activation of On-line Travel Agency Investment: Application to IRR
- 발행기관
- 한국전자상거래학회
- 저자명
- 노정철(Roh Chung-Cbul)
- 간행물 정보
- 『전자상거래학회지』제5권 3호, 23~42쪽, 전체 20쪽
- 주제분류
- 경제경영 > 경제학
- 파일형태
- 발행일자
- 2004.12.01
5,200원
구매일시로부터 72시간 이내에 다운로드 가능합니다.
이 학술논문 정보는 (주)교보문고와 각 발행기관 사이에 저작물 이용 계약이 체결된 것으로, 교보문고를 통해 제공되고 있습니다.
국문 초록
정보통신 기술의 혁신적인 발달로 인해 도래된 사이버시대에서 관광객은 과거 지역적인 한계로 인하여 제한적이었던 정보 입수에서 탈피하여 인터넷의 활용을 통해 전 세계의 여행정보를 입수할 수 있게 되었다. 이로 인해 여행업에서도 홈페이지를 정보전달 매개체로 활용한 온라인 여행업이 탄생하였으며, 전세계적으로 급속한 성장세를 보이고 있다. 그러나 국내의 온라인 여행업은 급속한 외형적인 성장에도 불구하고 많은 어려움을 내재하고 있다.
특히 IMF외환위기 이후 고조된 벤처열풍속에서 3 W-Tour를 비롯한 온라인 여행사에 대한 지나친 기대와 무분별한 투자의 결과에 대한 반성이 투자측면에서 심각하게 대두되고 있다. 이상과 같은 문제를 바탕으로 본 연구에서는 온라인 여행업에 대한 투자와 관련된 현실적인 제약조건과 미래의 불확실성을 고려하여 퍼지이론에 대표적인 투자평가 모형이론인 내부수익률법을 적용시켜 표준화된 투자 평가모형을 정립하여 투자의사결정에 보다 현실적이고 유용한 방법론을 제공하고자 한다.
특히 IMF외환위기 이후 고조된 벤처열풍속에서 3 W-Tour를 비롯한 온라인 여행사에 대한 지나친 기대와 무분별한 투자의 결과에 대한 반성이 투자측면에서 심각하게 대두되고 있다. 이상과 같은 문제를 바탕으로 본 연구에서는 온라인 여행업에 대한 투자와 관련된 현실적인 제약조건과 미래의 불확실성을 고려하여 퍼지이론에 대표적인 투자평가 모형이론인 내부수익률법을 적용시켜 표준화된 투자 평가모형을 정립하여 투자의사결정에 보다 현실적이고 유용한 방법론을 제공하고자 한다.
영문 초록
This study formulates evaluation model of On-line Travel Agency investment used by fuzzy set theory and IRR(Internal Rate of Return). In this paper, we first consider the elementary concepts, in the mathematics of finance, present value and future value. In all cases the cash amounts, interest rates and number of compoundings may all be fuzzy and we used both triangular and trapezoidal shaped fuzzy numbers.
Then we look at two methods of comparing fuzzy net cash flows in order to rank fuzzy investments alternatives from best to worst. So we use fuzzy set theory to economical evalution of investment project. And in the IRR method is considered not applicalble to ranking investment alternatives, when a cash flow has multiple internal rates of return. Assuming all projects have unique IRR, then those projects with IRR＞ r<SUB>0</SUB> are ranked from highest to lowest according to their IRR value. The firm then accepts these projects in this order until its investment capital is depleted. In systemization fuzzy economical evaluation model of investment project, we first fuzzify future cash flows, interest rate of investment project using fuzzy numbers. And then we solve fuzzy equation using classical solution, α -cuts and interval arithmetic procedure, and extension principle.
This paper basically focus on economical evaluation model of investment project to On-line Travel Agency investment project. In addition to systemize tourism economical evaluation model based on fuzzy model application, we uses linear ordering or ranking of fuzzy set to economical evaluation of tourism investment project. Three different criterion for ordering two fuzzy numbers will be used in this paper. However, it should be noted that if the first criterion does not give a unique linear order, then the second and third criteria should be used. The first criterion is "ordinary representative" of the fuzzy number. And the second criterion is "mode", the third criterion is "divergence". So we ranks tourism investment project using these criteria.
This paper develops and alternative to having to use exact numbers for interest rates, cash amounts, and time periods in elementary financial calculation. The alternative is to use fuzzy numbers for interest rates and cash amounts and a positive discrete fuzzy set for duration of an investment project. Many times future interest rates, future cash amounts and the length of an investment are all estimated. Statements like "around ？ 20,000,000", "approximately between 10% and 12%", and "about four years" are all translated into appropriate fuzzy sets. Much of the elementary mathematics of finance may be extended to handle fuzzy cash amounts, fuzzy interest rates and fuzzy time periods. The details of fuzzy present value, fuzzy future value, fuzzy interest rate, fuzzy IRR are all presented in this paper.
The results in this paper indicate a successful application of fuzzy set techniques to economical evaluation of On-line Travel Agency investment project. Based on this success one would think that there are many other areas in tourism economics and tourism corporate finance that are awaiting extension to fuzzy set theory.
Then we look at two methods of comparing fuzzy net cash flows in order to rank fuzzy investments alternatives from best to worst. So we use fuzzy set theory to economical evalution of investment project. And in the IRR method is considered not applicalble to ranking investment alternatives, when a cash flow has multiple internal rates of return. Assuming all projects have unique IRR, then those projects with IRR＞ r<SUB>0</SUB> are ranked from highest to lowest according to their IRR value. The firm then accepts these projects in this order until its investment capital is depleted. In systemization fuzzy economical evaluation model of investment project, we first fuzzify future cash flows, interest rate of investment project using fuzzy numbers. And then we solve fuzzy equation using classical solution, α -cuts and interval arithmetic procedure, and extension principle.
This paper basically focus on economical evaluation model of investment project to On-line Travel Agency investment project. In addition to systemize tourism economical evaluation model based on fuzzy model application, we uses linear ordering or ranking of fuzzy set to economical evaluation of tourism investment project. Three different criterion for ordering two fuzzy numbers will be used in this paper. However, it should be noted that if the first criterion does not give a unique linear order, then the second and third criteria should be used. The first criterion is "ordinary representative" of the fuzzy number. And the second criterion is "mode", the third criterion is "divergence". So we ranks tourism investment project using these criteria.
This paper develops and alternative to having to use exact numbers for interest rates, cash amounts, and time periods in elementary financial calculation. The alternative is to use fuzzy numbers for interest rates and cash amounts and a positive discrete fuzzy set for duration of an investment project. Many times future interest rates, future cash amounts and the length of an investment are all estimated. Statements like "around ？ 20,000,000", "approximately between 10% and 12%", and "about four years" are all translated into appropriate fuzzy sets. Much of the elementary mathematics of finance may be extended to handle fuzzy cash amounts, fuzzy interest rates and fuzzy time periods. The details of fuzzy present value, fuzzy future value, fuzzy interest rate, fuzzy IRR are all presented in this paper.
The results in this paper indicate a successful application of fuzzy set techniques to economical evaluation of On-line Travel Agency investment project. Based on this success one would think that there are many other areas in tourism economics and tourism corporate finance that are awaiting extension to fuzzy set theory.
목차
개요
Ⅰ. 서론
Ⅱ. 이론적 고찰
Ⅲ. 투자의 경제성 평가
Ⅳ. 투자 평가모형 적용
Ⅴ. 결론
【참고문헌】
ABSTRACT
Ⅰ. 서론
Ⅱ. 이론적 고찰
Ⅲ. 투자의 경제성 평가
Ⅳ. 투자 평가모형 적용
Ⅴ. 결론
【참고문헌】
ABSTRACT
키워드
해당간행물 수록 논문
참고문헌
교보eBook 첫 방문을 환영 합니다!
신규가입 혜택 지급이 완료 되었습니다.
바로 사용 가능한 교보e캐시 1,000원 (유효기간 7일)
지금 바로 교보eBook의 다양한 콘텐츠를 이용해 보세요!