실물옵션을 이용한 인천광역시 도시정비 결합개발사업의 가치평가: 주거환경개선사업을 중심으로

• 영문명: Valuation of Incheon metropolitan City Urban Development Combined Development Project using Real Options: Focused on Residential Environment Improvement Project
• 발행기관: 한국지역개발학회
• 저자명: 진연화(Jin, Yeon-Hwa) 유정석(Yu, Jung-Suk)
• 간행물 정보: 『한국지역개발학회지』제31권 제2호, 191~228쪽, 전체 38쪽
• 주제분류: 사회과학 > 지역개발
• 파일형태: PDF
• 발행일자: 2019.06.30

영문 초록

Recently, according to the announcement of the combined development of Incheon Metropolitan City, this study examined the combined development projects proposed in the field of urban maintenance in 2006 and tried to evaluate the business value of the combined projects by combining two or more projects. In this study, we analyze the business value of the combined development for the business area where the business is drifting and the business area where the business driving force is secured by the additional business improvement by using the real option. In this study, we analyze the business value of the combined development for the business area (A) where the business is drifting and the business area (B) where the business driving power is secured by the additional business improvement by using the real option. The net present value NPV of the combined development zone was -35,243 million won, which made it difficult to pursue the project due to the deterioration of business performance. Therefore, as a result of analyzing the business value by applying the real option call option, it can be determined that the combined development business value can be calculated by calculating ENPV 30,809 million won. Therefore, there is a need to actively introduce and use real option schemes to cope with future uncertainties and changes in various fields of real estate.

목차

1. 서 론

2. 이론적 배경 및 선행연구와의 차별성

3. 인천광역시 도시정비사업의 결합개발 적용 분석

4. 실물옵션을 이용한 결합개발사업의 사업가치평가 분석

5. 결 론

키워드

결합개발방식(CRP) 주거환경개선사업(Housing Redevelopment project) 순현재가치(NPV) 실물옵션(Real Option) 변동성(Volatility)