실물옵션접근법의 평가모형과 해외시장진출 의사결정 적용

• 영문명: The Valuation Model of Real Option Approach and Their Applications for Foreign Market Entry Decision Making
• 발행기관: 한국무역연구원
• 저자명: 문창권(Chang-Kuen Moon)
• 간행물 정보: 『무역연구』제6권 제4호, 345~363쪽, 전체 19쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2010.12.30

영문 초록

This paper identifies the concept, properties, and application sectors of real option approach, analyzes and designs the valuation model for screening and selecting the proper market and make the best decision of timing and mode of overseas market entry. Specifically we make the detailed analysis the processes and their properties of deriving the Black-Scholes(B-S) model of pricing the option value, compare the significant relative properties of B-S and Binomial tree model for pricing option, and present the corresponding driving and affecting factor and components of real option and financial option. As well, we explore the option properties of firms' decision makings for entering into the foreign markets and preparing the critical measures to deal with the uncertainties and acquiring the best performances. Especially this paper designs and presents the practical and clear application frameworks of real option approaches.

목차

Abstract

Ⅰ. 서론

Ⅱ. 실물옵션접근법 특성과 해외시장진입의 옵션특성

Ⅲ. 옵션평가모형의 구조적 특성과 실물옵션 적용

Ⅳ. 해외시장 진출의사결정에 대한 옵션평가모형의 적용

Ⅴ. 요약 및 결론

참고문헌

키워드

Real option Export/Licensing Joint Venture Wholly Owned Subsidiary Black-Scholes model binomial lattice and tree model Growth option Deferral option Waiting option