• Journal of Korea Technology Innovation Society
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• v.9 no.1
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• pp.84-102
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• 2006

This paper compares four models to value a biotechnology R&D project; option tree model, dynamic discounted cash flow(DCF) model, and option thinking DCF model with general DCF model. Real Options, especially 6-folded option tree model yields boner estimate of value than values using other methods. According to sensitivity analysis, sales of final products, number of investigational new drug developments(INDs) and success rates of each stage are key factors for the value of biotechnology R&D investment.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.8 no.5
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• pp.1259-1265
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• 2007

In order to accelerate the development of the Film Industry of Korea it is quite necessary to evaluate the value of Film Production Company appropriately and then to activate investment through its work of estimating. So far however, the researches on the evaluation model for Korean Film Production Company has been rarely conducted considering those of any other advanced countries. Therefore, the appropriate valuation model among numerous valuation model for film firms has not been provided until now. So the purpose of this article is to suggest the rational decision making criteria for the investment of Film Production Company by comparing with DCF, FCF, and ROV model through the empirical research focused on case study. According to the results of research, ROV model is more efficient and available comparing other two methods.

• Journal of Digital Convergence
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• v.10 no.7
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• pp.11-22
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• 2012

Intangible assets are the important tool which decides upon economic wealth and development of knowledge-information economy. We have to make effective use of intangible assets in order to assure surplus earnings, competitive superiority. The importance of intangible assets, especially patent right, may be properly understood only when their values are assessed adequately. It is very significant to appraise rationally patent right value from finance support, technology transaction, investment decision, M&A, legal proceedings, strategy and etc. Thus the purpose of this study is to evaluate the economic value of a patent right using DCF(Discounted-Cash Flow Method). This paper presents the basic model, related principles and standards of valuation, and then, case analysis of patent right valuation using DCF.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.4 no.3
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• pp.289-295
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• 2003

In this paper, the option valuation of venture business was calculated by utilizing growth option model, chosen from real option valuation method. The evaluation of venture business was estimated by adding option value to the terminal value discounted from cashflow method. As the result of the empirical analysis, ROV model applied in the Study is more reliable Han the DCF model concerning the pricing of venture business. Unlike the previous study of Schartz & Moon which only analyzed one venture business, this study estimated and analyzed the rational pricing of venture business with comparative methods using various parameters of sampling 99 domestic venture businesses.

• Knowledge Management Research
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• v.21 no.4
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• pp.195-210
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• 2020

Recently, the value of intellectual property rights including patents has been estimated for various purposes. In particular, the evaluation of loans, guarantees and collateral through patent valuation is increasing with the revitalization of technology financing. Although various studies have been conducted on patent valuation, little research has been done on the adequacy of patent valuation. In this study, using the DCF model, which is the most commonly used method of technology valuation, we examine the appropriateness of the patent valuation by comparing and analyzing the estimated value and actual value of the patent. An empirical result shows that the difference between estimated value and the actual value is statistically significant, and there is a significant difference between the estimated value and the actual value depending on the classification of evaluation work. In addition, while there is no difference between professors, patent attorneys, and researchers in the analysis of value differences according to technical evaluators, there is a significant difference between patent attorneys and other evaluators. Finally, we find a significant value difference between estimated value and actual value of technology subject to evaluation by industry.

• Plant Journal
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• v.8 no.3
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• pp.42-48
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• 2012

Under traditional analysis of the capital budgeting, NPV, it is assumed that management cannot react to deviation from the expected scenario of cash flow at the time of evaluation. In practice, however, it is less likely that the expected scenario will come true when new information arrives and uncertainty is resolved. Uncertainty and risk can be influenced through 'managerial flexibility', which becomes a central instrument for value creation. Real option framework including option to defer, option for staged investment, option to alter, option to abandon, option to switch, etc. takes this managerial flexibility into account. Therefore, it is more appropriate to use real option method to evaluate the project than the traditional DCF(discounted cash flow) tool if the firm has high volatility of the expected returns.

• Journal of the Korean Society for Railway
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• v.10 no.2 s.39
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• pp.137-145
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• 2007

In traditional financial theory, the discount cash flow model(DCF or NPV) operates as the basic framework for most analyses. In doing valuation analysis, the conventional view is that the net present value(NPV) of a project is the measure of the present value of expected net cash flows. Thus, investing in a positive(negative) NPV project will increase(decrease) firm value. Recently, this framework has come under some fire for failing to consider the options of the managerial flexibilities. Real option valuation(ROV) considers the managerial flexibility to make ongoing decisions regarding the implementation of investment projects and the deployment of real assets. The appeal of the framework is natural given the high degree of uncertainty that firms face in their technology investment decisions. This paper suggests an algorithm for estimating volatility of logarithmic cash flow returns of real assets based on the Black-Sholes option pricing model, the binomial option pricing model, and the Monte Carlo simulation. This paper uses those models to obtain point estimates of real option value with the G7- HSR350X(high-speed train).

• Journal of Internet Computing and Services
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• v.7 no.1
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• pp.151-164
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• 2006

The DCF of IEEE 802.11 standard coordinates transmissions onto the shared communication channel based on CSMA/CA protocol. Currently, 802,11 is the most widely deployed wireless LAN standard. In this paper, for 802.11-based wireless LAN we propose a service differentiation scheme adopting different contention window sizes and retransmission schemes for two different types of data packets and we present a Markov model for the state of a given station under a finite load traffic condition. We then derive an algorithm to find the transmission probability and the throughput. The proposed model is validated through simulation under various system settings.

• Proceedings of the KAIS Fall Conference
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• 2003.06a
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• pp.143-145
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• 2003

본 논문은 벤처기업을 합리적으로 평가할 수 있는 평가모형과 방법을 제시할 목적으로 코스닥 등록기업 중 무작위추출에 의해 선정된 99개 빈처기업을 분석표본으로 삼았으며 기업별 시장주가로 2000년 1월부터 2001년12월까지의 최고, 최저, 평균주가를 추출하였다. 본 논문에서는 벤처기업가치평가 모형으로 실물옵tus 평가 모형 쿵 성장옵션모형을 이용하여 각 기업의 현재가격, 행사가격, 변동성, 행사기간, 무위험이자율의 5개 변수로 벤처기업의 옵션가치를 산출하고 여기에 잔존가치를 현금흐름 할인법으로 한인 산출하여 그 값을 합하여 기업가치를 평가하였고 또한 현금흐름 할인법(DCF)을 이용하여 기업가치를 평가하였다. 여기에 사용된 각종 파라미터 값은 우리나라 벤처기업과 산업의 자료를 중심으로 추출하여 본 모형에 적용, 기업의 가치를 실증적으로 평가하였다.

• Proceedings of the Korea Technology Innovation Society Conference
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• 2002.11a
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• pp.263-276
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• 2002

본 논문에서는 기존의 기술가치평가모형들을 검토하여 문제점과 한계를 찾아내고, 이를 극복할 뿐만 아니라, 기술의 실제가치에 접근하고자 새로운 시도를 하였다. 먼저 1단계에서는 DCF 모형을 이용하여 사업가치를 계산하고, 2단계에서는 사업가치에서 무형자산이 차지하는 비율이 산업별로 서로 다를 것이라는 가정아래 사업가치 창출에 대한 무형자산의 기여도를 구했다. 그리고 3단계에서는 전체 사업가치 창출에서 기술의 기여가 차지하는 비중을 측정하는 기술의 기여도를 구했다. 이렇게 3단계에 걸쳐 얻은 결과를 동시에 고려하여 기술가치를 산출하였다. 그리고 마지막 4단계에서는 전 단계에서 고려되지 못했던 미래수익 창출의 불확실성을 반영하기 위해 실물옵션모형을 적용하였다. 이와 같이 평가과정을 4단계로 구분하고, 각 단계별로 평가의 특성에 맞는 방법을 채택함으로써, 기존의 평가모형이 가지고 있었던 문제점과 한계를 극복하고, 불확실성이 높은 기술자산의 실제가치에 보다 근접할 수 있었다.