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- W2000267296 abstract "본 연구에서는 해외 부동산 투자 고려 시 의사결정을 위한 방법으로 실물옵션을 제시하였다. 이를 위해 투자 의사결정을 위한 방법인 기존 현금흐름할인법(DCF)과 실물옵션 기법 중 부동산 투자에 적합한 모형이라 할 수 있는 이항옵션모형을 사용하여 한국과 중국 시장의 부동산 투자 대안을 실증 비교하였다. 이를 위해 한국의 서울과 중국의 상하이 부동산 시장을 대상으로 2001년 ~ 2009년의 데이터를 추출하여 분석하였다. 투자기간 동안의 순현재가치법(NPV:Net Present Value)를 산출한 결과 서울은 435.44로 나타났으며, 상하이는 398.26으로 나타나 순현재가치법에 의한 투자결정 대안으로는 서울에 투자하게 됨을 알 수 있었다. 하지만 실물옵션을 사용하여 옵션의 가치를 산출한 결과 서울은 615.4, 상하이가 628.7로 나타나 상하이가 투자에 적합한 것으로 나타났다. 실제 이에 근거해서 투자했을 경우의 결과를 비교해보면, 서울은 2010년 이후 2013년 현재까지 부동산 가격이 하락하였기 때문에 손해를 보았을 것이며, 상하이는 이전에 비해 상승폭은 줄어들었으나 부동산 가격은 상승했기 때문에 수익을 올릴 수 있었을 것이다. 이로써 기존 현금흐름할인법에 의해 부동산 투자 의사결정을 내리는 것보다 실물옵션을 사용하여 투자 의사결정을 내리는 것이 적합하다는 것을 알 수 있었다. In this study, when to invest in real estate abroad, to present a real option in the way of decision-making. Thus, by using the binomial option model of one of the real thing and DCF, we compared the choice of real estate investment in China and South Korea. Research concerns the real estate market of Shanghai and Seoul, Analyzed the data between 2001-2009. Results were calculated NPV investment period (Net Present Value), Seoul appears in 435.44, Shanghai was 398.26. Investment decision by NPV method will select Seoul. However, as a result of calculating the value using the real option, it was found that for Seoul appear in 615.4, Shanghai has been shown to 626.1, and is suitable for investment in Shanghai. Assuming on the basis of this, that it has invested in practice, and compare the results, Seoul is intended for since 2010, real estate prices fell to 2013 currently, damage has occurred, profit's occurred Shanghai. This ensures that when making decisions in real estate investment and to use the real option than the existing DCF is appropriate." @default.
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- W2000267296 date "2013-11-30" @default.
- W2000267296 modified "2023-10-02" @default.
- W2000267296 title "A Study on Valuation of Foreign Real Estate Investment using Real Option" @default.
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