이항옵션을 활용한 부동산 개발 사업의 가치평가 및 투자시점에 관한 연구 - 오피스 개발 사례 중심으로 -A Study on Valuation and Investment Timing in Real Estate Development Project by Using a Binomial Option Model - Focusing on Office Building Development Projects -
- Other Titles
- A Study on Valuation and Investment Timing in Real Estate Development Project by Using a Binomial Option Model - Focusing on Office Building Development Projects -
- Authors
- 박도영; 정성훈; 손영진; 김주형; 김재준
- Issue Date
- Nov-2010
- Publisher
- 대한건축학회
- Keywords
- Binomial Option; Real Estate Development; Investment Timing; Real Option; Valuation; 이항옵션; 부동산 개발; 투자시점; 실물옵션; 가치평가
- Citation
- 대한건축학회논문집, v.26, no.11, pp 107 - 116
- Pages
- 10
- Indexed
- KCI
- Journal Title
- 대한건축학회논문집
- Volume
- 26
- Number
- 11
- Start Page
- 107
- End Page
- 116
- URI
- https://scholarworks.bwise.kr/erica/handle/2021.sw.erica/110627
- ISSN
- 2733-6239
2733-6247
- Abstract
- Real estate development requires huge capital investment and a long project period, so, it has very risky characteristics.
Typical approaches of real estate development valuation such as NPV(Net Present Value) or IRR(Internal Rate of Return) method have been used so far. But they cannot reflect properly managerial flexibility to adapt and revise decisions in response to unexpected market risks. The real options, which are tailored to deal with uncertainty and flexibility related to an real estate development project, enable managers to take the value of flexibility in investment decision making. Therefore the purpose of this study is to evaluate a real estate development project and suggest optimal investment timing of the project by using binomial option models - especially focusing on office development projects. First, through the literature review and definition of real option, we suggested that a binomial option model which is applicable to real estate development projects. On the basis of the valuation of the project, we indicated an optimal investment timing model using a deferral option. Finally we verified these models through a case study of office development projects.
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