企業의 危險評價方法에 관한 小考 : 地域 中小企業의 投資危險 고려 방법을 中心으로 = A study on the Risk Analysis Methods in Capital Budgeting

다국어 초록 (Multilingual Abstract)

Traditional DCF approaches represent an improvement over the application of criteria such as payback period or accounting rates of return. But these approachs are only correct in the face of an environment in which there is no unceratinty(risk) nor flexibility.
Any valuation method should be able to capture both the intrinsic value and the time value, the value attributed to price unceratinly of the future. Option pricing techniques which draw directly from the work done in the financial sectors allow for both uncertainty and flexibility of real investments.
Through interpreting a real investment opportunity as an option, an investment may be worthwhile (positive option value) even if the tradional DCF(NPV) value is zero or negative.
This paper reviews some of the deficiencies of traditional DCF and more realistic modelling of uncertainty(risk) and flexibility.

목차 (Table of Contents)

• Ⅰ. 序 論
• Ⅱ. 投資危險의 評價方法
• Ⅲ. 옵션 評價模型의 적용
• Ⅳ. 結 論