실물옵션접근법의 평가모형과 해외시장진출 의사결정 적용

The Valuation Model of Real Option Approach and Their Applications for Foreign Market Entry Decision Making

This paper identifies the concept, properties, and application sectors of real option approach, analyzes and designs the valuation model for screening and selecting the proper market and make the best decision of timing and mode of overseas market entry. Specifically we make the detailed analysis the processes and their properties of deriving the Black-Scholes(B-S) model of pricing the option value, compare the significant relative properties of B-S and Binomial tree model for pricing option, and present the corresponding driving and affecting factor and components of real option and financial option. As well, we explore the option properties of firms' decision makings for entering into the foreign markets and preparing the critical measures to deal with the uncertainties and acquiring the best performances. Especially this paper designs and presents the practical and clear application frameworks of real option approaches.