경쟁금지 합의의 무형자산 인식과 측정 -이익차이비교법과 실물옵션접근법을 중심으로

손혁 ( Hyuk Shawn ),정재경 ( Jae Gyung Jung ),김태윤 ( Tae Yun Kim ) 한국회계학회 2013 회계저널 Vol.22 No.3

사업 결합시 발생하는 영업권 이외에도 인적자원과 브랜드가치, 시장점유율, 기업문화 등과 같은 무형 자산의 종류와 그 중요성이 점차 강조되고 있는 현 상황에서 과거에 재무제표에 인식하지 못하던 무형자산을 어떻게 합리적으로 인식하는지 여부는 중요한 문제일 것이다. 본 연구는 K-IFRS 1103호에서 식별가능한 무형자산으로 규정하고 있는 사업결합 시 취득한 경쟁금지 합의에 대해 소개하고 경쟁금지 합의를 재무제표에 인식하기 위해 주로 사용하는 방법인 이익차이비교법에 대해 가상의 기업인 W사의 사례를 통해 설명하였다. 이익차이비교법은 미래현금흐름의 크기 및 시기, 할인율을 산정하는데 많은 주관성이 개입되며, 계약 및 기술에 대한 변동성을 반영하지 못한다는 단점이 있다. 따라서 이익차이비교법을 사용할 때 현금흐름할인접근법의 가정 및 평가과정을 상세히 공시해야 할 것이며, 비교대상 평가방법을 제시하는 것이 중요한 문제이다. 한편, 본 연구는 비교대상 평가방법으로 경쟁금지 합의의 연기옵션적 성격을 이용하여 실물옵션접근법을 제시하였다. 본 사례에서 소개한 실물옵션접근법은 실무에서 적용이 쉽다는 장점이 있으나 변동성의 객관적인 산정이 중요한 문제일 것이다. 따라서 정보이용자가 오도하지 않도록 주석에 변동성 측정 등 과정을 상세히 공시함으로써 정보의 신뢰성을 높여야 할 것이다. 본 W사의 사례는 경쟁금지 합의라는 무형자산의 이해가능성을 높이고, 동 자산의 평가방법에 대한 상세한 소개를 통해 정보이용자가 자본시장에서 무형자산의 가치를 평가하는데 도움을 줄 것으로 예상된다. The importance of intangible assets such as human resources, brands, market shares and corporate culture as well as goodwill is more and more increased. As a result, resonable recognition of intangible assets which were not recorded in financial statements until recently has become an important issue. This study examines noncompete agreement that has been separately recorded under K-IFRS No. 1103, and presents comparative income differential method and real option method in case of W Company. The comparative income differential method is useful for the recognition of noncompete agreements, but it needs some assumptions in estimating the magnitude of future cash flows, timing, discount rates. Therefore, it is important to disclose detailed assumptions of discount cash flow method and valuation processes. In addition, this paper presents real option method as an alternative method of the discount cash flow method by using optional characteristics of non-compete agreements. The real option method has some advantages when estimating intangible assets in practice because it can measure the value of volatilities such as growth opportunities, deferral options and abandonment options. However, an appropriate and objective calculation of volatilities is needed to assess intangible assets because the real option method can inflate the value of volatilities. The case of W Company is expected to enhance understanding of intangible assets and have contributions to assessing the value of intangible assets.

실물옵션 기반 기술가치 평가모델 정교화와 변동성 유효구간에 관한 연구

성태응(Tae-Eung Sung),이종택(Jongtaik Lee),김병훈(Byunghoon Kim),전승표(Seung-Pyo Jun),박현우(Hyun-Woo Park) 한국기술혁신학회 2017 기술혁신학회지 Vol.20 No.3

최근 들어 바이오 · 제약 · 의료 분야의 기술가치평가를 수행할 때 미래에 투입될 사업화 소요기간 및 비용을 고려하여 기술가치를 산정하는 경우가 증가하고 있다. 기존의 현금흐름할인법(DCF법)은 연속된 투자에 대한 고려를 못하거나 기술적용 제품의 상용화 투입비용에 대한 확률적인 속성을 반영하지 못하는 등 한계점을 지니고 있다. 그러나 기술과 투자의 가치는 기회가치로 보고 자원배분을 위한 의사결정 정보를 감안해야 하므로, 실물옵션의 개념을 적용하는 것이 바람직하다고 여겨지며, 흔히 기업가치평가 수행시 적용하는 주가의 변동성(volatility) 개념을 대상기술에 대한 비즈니스 모델 특성이 반영되도록 하기 위해 ‘주가의 연속성(상대적 미세한 변화)’ 및 ‘양(+)의 조건’을 고려해야 한다. 따라서 많은 문헌에서 연구된 바와 같이, 실물옵션 기반의 기술가치 산정을 위한 블랙-숄즈 모형에서 변동성과 기초자산가치, 그리고 사업화비용 간의 관계를 살펴볼 필요가 있다. 본 연구는 옵션가격결정모형(Option Pricing Model)에서 불확실성을 반영한 기초자산의 현재가치와 사업화비용의 현재가치 비율이 특정 임계조건 하에서 ‘옵션행사 포기(NAT; no action taken)’ 영역으로 구분되는 지를 수학적으로 도출하고 관찰변수(입력값)에 따른 옵션가치 산출로직을 제시함으로써 정교화된 실물옵션 모형을 제공할 수 있을 것으로 기대된다. Recently, when evaluating the technology values in the fields of biotechnology, pharmaceuticals and medicine, we have needed more to estimate those values in consideration of the period and cost for the commercialization to be put into in future. The existing discounted cash flow (DCF) method has limitations in that it can not consider consecutive investment or does not reflect the probabilistic property of commercialized input cost of technology-applied products. However, since the value of technology and investment should be considered as opportunity value and the information of decision-making for resource allocation should be taken into account, it is regarded desirable to apply the concept of real options, and in order to reflect the characteristics of business model for the target technology into the concept of volatility in terms of stock price which we usually apply to in evaluation of a firm’s value, we need to consider ‘the continuity of stock price (relatively minor change)’ and ‘positive condition’. Thus, as discussed in a lot of literature, it is necessary to investigate the relationship among volatility, underlying asset values, and cost of commercialization in the Black-Scholes model for estimating the technology value based on real options. This study is expected to provide more elaborated real options model, by mathematically deriving whether the ratio of the present value of the underlying asset to the present value of the commercialization cost, which reflects the uncertainty in the option pricing model (OPM), is divided into the “no action taken” (NAT) area under certain threshold conditions or not, and also presenting the estimation logic for option values according to the observation variables (or input values).

경영자의 사고유형에 따른 기업가치: 리얼옵션 기법을 이용한 상황적 접근

김진수,권기정 한국회계정보학회 2008 재무와회계정보저널 Vol.8 No.2

이 연구에서는 경영자의 사고유형에 따라 기업가치가 어떻게 변화할 수 있는지를 리얼옵션기법을 이용한 상황적 접근법을 통해 살펴보았다. 연구 결과 기업을 둘러싼 상황이 불확실하고, 이러한 불확실성에 대해 경영자가 스스로 판단하여 의사결정할 수 있는 선택권이 있는 경우, 그리고 불확실성과 투자위험이 커질수록 긍정적인 사고유형을 가진 경영자보다 부정적인 사고유형을 가진 경영자의 의사결정이 기업가치를 좀 더 증가시킬 가능성이 크다는 것을 알 수 있었다. 이 연구는 기업과 기업을 둘러싼 경제환경을 예측하기 힘든 상황에 있어 경영자의 의사결정 방향은 어떠해야 하는지에 대한 함의를 제공했다는 점에서 의미가 있다고 하겠다. This paper investigates the change of firm value according to the type of CEO's thinking structure using real option valuation method. The result of the study suggest two implications. first, real option approach exactly estimate firm value beyond net present value method because it can reflect real world uncertainty. second, negative and conservative CEO's decision making can promote firm value more than CEO who has positive thinking structure when investment costs and risk are high.

Using Real Options to value the flexibility of Engineering Management decisions in Infrastructure Projects

Koo, Bonsang Korea Institute of Construction Engineering and Ma 2013 Journal of construction engineering and project ma Vol.3 No.1

Determining on a particular construction method is typically decided in the initial phases of a project. However, changing conditions during actual construction may require a different method or technology to be employed. Providing an option for project managers to change construction provides flexibility that can increase value to the overall project. This research provides the ability to modify construction methods as a real option, which allows its value to be modeled. The research also formalizes a way to integrate a binomial lattice model with the Earned Value Method's S-curve. The integrated model provides a decision support tool that planners can use to determine whether to exercise the option depending on the status metrics provided by EVM.

IT 투자 평가를 위한 실물옵션 기법: 향상된 LSM 시뮬레이션의 적용

박범조 ( Beum Jo Park ) 한국국제경제학회 2006 국제경제연구 Vol.12 No.2

태양광모듈 생산 증설투자에 대한 의사결정: 실물옵션모형에 의한 경영유연성 가치 분석

김경남(Kim, Kyung-Nam),선우석호(SonU, Suk-Ho) 한국신재생에너지학회 2011 신재생에너지 Vol.7 No.2

Management flexibility to adapt its future actions in response to altered future market conditions can expand the value of an investment opportunity by improving its upside potential without the change in the downside losses. Module manufacturers in solar industry continuously have to decide how much and when its production capacity should be expanded with regards to the demand in the global markets. Either over- or under-investment can cause sunk and/or opportunity costs to the module manufacturers. Option of exercising the additional investments only on favorable opportunities can increase total value of the investment. This paper analyzes the case which shows that the expansion of production capacity with more expandibility can have more value than the rigid plan of capacity expansion. The expansion option value is equivalent to KRW 38.286 billion, thus switching the negative NPV of the initial investment opportunity into the positive value. High volatility and the high growth in the cashflows as the major business features of the renewable energy provide condition where real options can play the crucial role in increasing the investment value as well as in determining the size and timing of capacity expansion in the course of capital budgeting process.

Elaboration of Real Options Model and the Adequacy of Volatility

Sung, Tae-Eung,Park, Hyun-Woo Asian Society for Innovation and Policy 2017 Asian Journal of Innovation and Policy Vol.6 No.2

When evaluating the economic value of technology or business project, we need to consider the period and cost for commercialization. Since the discounted cash flow (DCF) method has limitations in that it can not consider consecutive investment or does not reflect the probabilistic property of commercialization cost, we often take it desirable to apply the concept of real options with key metrics of underlying asset value, commercialization cost, and volatility, while regarding the value of technology and investment as the opportunity value. We at this moment provide more elaborated real options model with the effective region of volatility, which reflects the uncertainty in the option pricing model (OPM).

Elaboration of Real Options Model and the Adequacy of Volatility

성태응,박현우 아시아기술혁신학회 2017 Asian Journal of Innovation and Policy Vol.6 No.2

When evaluating the economic value of technology or business project, we need to consider the period and cost for commercialization. Since the discounted cash flow (DCF) method has limitations in that it can not consider consecutive investment or does not reflect the probabilistic property of commercialization cost, we often take it desirable to apply the concept of real options with key metrics of underlying asset value, commercialization cost, and volatility, while regarding the value of technology and investment as the opportunity value. We at this moment provide more elaborated real options model with the effective region of volatility, which reflects the uncertainty in the option pricing model (OPM).

Investment Decision Making under Uncertainty Using Real Options Approach: A Case Study in Solar Power Plants of Iran

Farahnaz Nategh Elahi,Sadoullah Ebrahimnejad 대한산업공학회 2018 Industrial Engineeering & Management Systems Vol.17 No.4

Nowadays, classic Discounted Cash Flow (DCF) approach is mostly used in order to evaluate various types ofprojects. Since projects in all around the world are confronting with different barriers, such as high risk, various kindsof uncertainty, the aforesaid classic approach cannot correctly determine the value of projects. Therefore, proposingpractical and efficient approaches in evaluation of project in uncertain environment has drawn the attention of researchersin recent years. In this study, an efficient approach for valuing of solar photovoltaic power plants in Iranwith real options is proposed and compared with the classic DCF approach. In order to evaluate the assumed real options,the binomial tree method is implemented. Eventually, Taguchi design experiment is used to analyze the performanceof binomial tree and figure out how real options parameters effect on the value of project. The obtained resultsshow that considering abovementioned real options increases the value of project comparing to the case with no realoptions (i.e. DCF approach). Moreover, the ranking of effective factors, participations percentage of each factors onresponse variable, and optimal combination of them are determined.

국가하천 점용관리시스템 리뉴얼에 대한 경제적 가치 변화 추정

정성윤(Jeong, Seong Yun),김남곤(Kim, Nam Gon) 대한토목학회 2020 대한토목학회 학술대회 Vol.2020 No.10