• Title/Summary/Keyword: 현금흐름의 지연

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Financial Analysis of Risk Reallocation in PPP Projects - Focusing on the Transactions between Private Investors in Korea - (국내 민간투자사업 리스크 재분담의 재무적 영향성 분석 - 민간투자자 간 지분거래 및 약정거래를 중심으로 -)

  • Chu, Chang Hwan;Kwon, Byungki;Lee, Hyun-soo;Park, Moonseo
    • Korean Journal of Construction Engineering and Management
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    • v.19 no.2
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    • pp.25-37
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    • 2018
  • In recent times, private sector allocates the risk between private sector investors in terms of equity transaction and agreement transaction. The additional risk-allocation have made the cash flows of private sector investors fluctuated and some of the PPP projects delayed. Therefore, analyzing the impact of the risk reallocation between private sector investors on their cash flows is critical for encouraging the private sector participants. In this study, a model to evaluate the financial viability of PPP project is developed based on the discounted cash flow analysis. The model can analyze the variability by equity and agreement transaction by identifying key variables of equity transaction, influence factors of agreement transaction, and relationship between the transactions and investor's profitability. It is expected that the private sector can determine the investment decision for PPP projects when the risk reallocation is occurred.

Time to Invest in Real Asset with Option Pricing Theory - Focused on REITs - (옵션가격결정이론에 기반한 실물자산의 투자시기 결정 - 부동산투자신탁회사(REITs)를 중심으로 -)

  • Jun, Jae-Bum;Lee, Sam-Su
    • Korean Journal of Construction Engineering and Management
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    • v.11 no.6
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    • pp.54-64
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    • 2010
  • A firm decides to go to the project based on its investment analysis. However, the cash flows generated from the real project can not be always coincident with what expected as it follows uncertain behavior and the asymmetric payoff caused by the managerial flexibilities involved in the real asset affects the project value. Amongst various managerial flexibilities entailed in most of the real assets, although investment delay has been known to enhance the project value thanks to its ability to provide new market information to management, the related research to select the time to invest have been just few. Therefore, this research aims to show the theoretical framework to decide when to invest reflecting the behaviors of increasing project value and loss recovery cost due to investment delay with option pricing, related financial economic, and variational theories.

A Study on the Multiple Real Option Model for Evaluating Values based on Real Estate Development Scenario (다중 실물옵션을 활용한 시나리오기반 부동산 개발사업 가치평가 연구)

  • Jang, Mikyoung;Ku, Yohwan;Choi, Hyemi;Kwon, Tae-Hwan;Kim, Juhyung;Kim, Jaejun
    • Korean Journal of Construction Engineering and Management
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    • v.16 no.5
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    • pp.114-122
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    • 2015
  • Real estate development requires significant amount of capital investment. The project duration has been increased according to its enlarged size. For this reason, cost overrun and time delay are important risk factors that should be managed properly. As a method to hedge the risk, varoius real option methods have been presented. However, conventional project value assesment methods such as NPV(Net Present Value) have weakness to support decision making by reflecting dynamic situations in terms of variation of cost and time. Furthermore, the decision making process is serious of actions rather than discrete event. The purpose of this paper is to present a multiple real option valuation method to overcome the deterministic aspect of real option presented in previous research and practice. The method is developed as following: firstly, to select the model that can be applied in the real estate development project through a survey from previous literature on real options analysis; secondly, to apply data from office development case in order to verify the model by applying conventional real option and multiple real option valuation. According to analysis result, multiple real option provides enhanced values comparing to NPV and single real option.

A Study on The Day of Week Effect in International Stock Markets : Focusing on the Settlement and Clearing Procedure (세계증권시장에서 주중 요일별 수익률 효과 분석의 연구 : 결제청산과정을 중심으로)

  • Kim, Kyung-Won
    • The Korean Journal of Financial Management
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    • v.20 no.2
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    • pp.201-234
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    • 2003
  • This paper examines the day of the week effect focusing on the effect of the settlement procedures on the stock price in seven major international stock markets. Settlement dates or procedures may have an effect on rate of return distributions in international stock markets. Those Settlement procedures are different among various international stock markets. Furthermore, several international stock markets change their systems of settlement procedures. On the New York stock exchanges, stock transactions are settled in five business days after the transaction. However, they changed settlement procedures from five business days to three business days from 1995. Those settlement procedures on the London stock exchanges and the Paris stock exchanges were changes from the fixed settlement date systems to the fixed settlement lag systems. Thus, this paper examines the effect of the changes in settlement procedures on the stock price in several stock markets. I found that changes of settlement dates or procedures have an effect on the rate of return distributions for specific days in some stock markets. This paper also examines the day of the week effect for seven international stock markets. I found that strong weekend effect before the period of 1990. However, the weekend effect has disappeared during the period from 1990 to 2002 in international stock markets.

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Valuation of Mining Investment Projects by the Real Option Approach - A Case Study of Uzbekistan's Copper Mining Industry - (실물옵션평가방법에 의한 광산투자의 가치평가 -우즈베키스탄 구리광산업의 사례연구를 중심으로-)

  • Makhkamov, Mumm Sh.;Kim, Dong-Hwan
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.8 no.6
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    • pp.1634-1647
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    • 2007
  • "To invest or not to invest?" Most business leaders are frequently faced with this question on new and ongoing projects. The challenge lies in deciding what projects to choose, expand, contract, defer, or abandon. The project valuation tools used in this process are vital to making the right decisions. Traditional tools such as discounted cash flow (DCF)/net present value (NPV) assume a "fixed" path ahead, but real world projects face uncertainties, forcing us to change the path often. Comparing to other traditional valuation methods, the real options approach captures the flexibility inherent to investment decisions. The use of real options has gained wide acceptance among practitioners in a number of several industries during the last few decades. Even though the options are present in all types of business decisions, it is still not considered as a proper method of valuation in some industries. Mining has been comparably slow to adopt new valuation techniques over the years. The reason fur this is not entirely clear. One possible reason is the level and types of risks in mining. Not only are these risks high, but they are also more numerous and involve natural risks compared with other industries. That is why the purpose of this study is to deal with a more practical approach to project valuation, known as real options analysis in mining industry. This paper provides a case study approach to the copper mining industry using a real options analysis. It shows how companies can minimize investment risks, exercise flexibility in decision making and maximize returns.

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