실물옵션에 의한 한국벤처기업의 가치평가 = The valuation of venture besinesses listed on KOSDAQ using the real option mode

다국어 초록 (Multilingual Abstract)

The purpose of this study in to value the venture businesses listed on KOSDAQ in the year 1999 using real option model. Findings are follows ;
The valuation in individual basis across all venture business are overestimated. This result could be interpreted that bubbles prevails over KOSDAQ to a considerable degree. These phenomenon may be caused by a variety of reasons such as unreasonable investment decision, shortage of information, asymmetry of information, unbalance of demand and supply in securities market.
For the purpose of valuation in market basis, 3 kind of the expected rates of return(EXR) were employed in business valuation by venture index respectively. With 8% and 14% EXR, the expected level of KOSDAQ Venture index is underestimated, in case of 30%, however, EXV is overestimated. This result suggests that investors of KOSDAQ venture market expect the higher returns on investment than those of Korean stock exchange.

목차 (Table of Contents)

• 目次
• Ⅰ. 서론
• Ⅱ. 이론적 고찰
• 1. 벤처기업의 의의
• 2. 실물옵션에 의한 가치평가
• 3. 선행연구의 검토
• Ⅲ. 연구설계
• 1. 연구모형
• 2. 변수정의
• 3. 표본선정
• Ⅳ. 실증분석결과 및 해석
• 1. 기술통계량
• 2. 실물옵션을 이용한 벤처기업가치평가
• Ⅴ. 요약 및 결론
• 참고 문헌
• Abstract