동적DCF 및 실물옵션모형에 의한 부산항(북항) 재개발사업의 가치평가분석

• 영문명: A Study on the Value Appraisal of Redevelopment in Busan North Port based on Dynamic Discounted Cash Flow Method & Real Options
• 발행기관: 한국지역개발학회
• 저자명: 구태이(Ku Tae Yi) 유정석(Yu Jung Suk)
• 간행물 정보: 『한국지역개발학회지』제25권 제2호, 115~130쪽, 전체 16쪽
• 주제분류: 사회과학 > 지역개발
• 파일형태: PDF
• 발행일자: 2013.06.30

영문 초록

This study is based on the possible problematic situations that may arise when pursuing publicly contested PF businesses and conducts an empirical analysis on value assessment that can cope with the future uncertainty. A random variable was identified for the process of evaluating the current value, and by utilizing it in the Monte-Carlo Simulation Method, a value assessment by the dynamic DCF method, which considers uncertainties in the real flow, was carried out. Next, by applying various real options to cope appropriately with possible scenarios, an empirical analysis on value assessment through binominal option pricing model was performed. It can be inferred that, although until now uncertainty was a subject of avoidance or elimination, by applying the dynamic DCF method, a more varied and flexible value assessment of the cash flow against future uncertainties can be ensured. In addition, applying the real option valuation to various risk factors can increase the business value.

목차

1. 서 론

2. 국내외 선행연구 검토 및 기존 연구와의 차별성

3. 동적DCF법과 실물옵션의 적용 및 실증분석

4. 결론 및 시사점

주

참 고 문 헌

키워드

공모형 PF(Project Financing Public-Private Partnership Project) 동적 DCF(Dynamic Discounted Cash Flow) 실물옵션(Real Options)