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RISS 인기검색어
- 검색키워드
- 저자 : Katsunori Kume (검색결과 2 건)
- 무료
- 기관 내 무료
- 유료
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The Flexible Application of Real Options for Subcontractor in the Soft Drink Manufacturing Industry
Kume, Katsunori,Fujiwara, Takao Asian Society for Innovation and Policy 2018 Asian Journal of Innovation and Policy Vol.7 No.3
In the soft drink industry, especially small and medium enterprises in Japan, there is a possibility of conversion from a labor-intensive industry to a capital-intensive. The demand for soft drinks may not be satisfied in the summer because the supply is too low to meet the demand. To address this situation, this paper proposes optimal investment that integrates demand uncertainty, based on real options approach (ROA) and seasonal autoregressive integrated moving average. Two alternative options are compared and evaluated. One is the Bermudan option: to employ additional workers to elevate efficiency in summer and laying off in winter, this attitude is repeated each year. The other is the American option: to replace equipment to increase machine ability throughout the year. Results in ROA show that the highest improvement is gained if the two options are in a symbiotic relationship. Soft drink producers should search for replacing equipment, using the employees repeatedly. A temporary decision is not equal to an infinite decision.
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The Flexible Application of Real Options for Subcontractor in the Soft Drink Manufacturing Industry
Katsunori Kume,Takao Fujiwara 아시아기술혁신학회 2018 Asian Journal of Innovation and Policy Vol.7 No.3
In the soft drink industry, especially small and medium enterprises in Japan, there is a possibility of conversion from a labor-intensive industry to a capital-intensive. The demand for soft drinks may not be satisfied in the summer because the supply is too low to meet the demand. To address this situation, this paper proposes optimal investment that integrates demand uncertainty, based on real options approach (ROA) and seasonal autoregressive integrated moving average. Two alternative options are compared and evaluated. One is the Bermudan option: to employ additional workers to elevate efficiency in summer and laying off in winter, this attitude is repeated each year. The other is the American option: to replace equipment to increase machine ability throughout the year. Results in ROA show that the highest improvement is gained if the two options are in a symbiotic relationship. Soft drink producers should search for replacing equipment, using the employees repeatedly. A temporary decision is not equal to an infinite decision.
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