대한산업공학회지 (Journal of Korean Institute of Industrial Engineers)

  • 제32권3호
  • /
  • Pages.180-190
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  • 2006
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  • 1225-0988(pISSN)
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  • 2234-6457(eISSN)
대한산업공학회 (Korean Institute of Industrial Engineers)
권호 표지

실물옵션을 이용한 차세대 정보통신 투자사업의 가치 평가 및 최적 투자시기 결정

Valuation and Optimal Timing of the Investment in Next Generation Telecommunication Service Using Real Options

  • Lim, Kum-Soon (LG CNS) ;
  • Lee, Deok-Joo (College of Advanced Engineering, Kyung Hee University) ;
  • Kim, Ki-Hong (Department of Industrial Engineering, Seoul National University) ;
  • Oh, Hyung-Sik (Department of Industrial Engineering, Seoul National University)
  • 발행 : 2006.09.30
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초록

We evaluate the economic value and the optimal investment timing of IMT-2000 in Korea, in the perspective of a service provider who owns the business license for IMT-2000, by using the real options analysis. The result clearly shows the project value with options is positive and delaying the investment is more favorable to the provider. Binomial lattice approach, in which we try to describe American call option and sequential compound option, and sensitivity analysis present the optimal decisions according to future states and enable the management to make decision strategically and proactively.

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참고문헌

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