principles of corporate finance real options

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1、confirmingpagesPART6CHAPTER"""""22OPTIONSRealOptions!Whenyouusediscountedcashflow(DCF)tovalueForthemostpartweworkwithsimplenumericalaproject,youimplicitlyassumethatyourfirmwillholdexamples.Theartandscienceofvaluingrealoptionstheprojectpassively.Inotherwords,youareignoring

2、areillustratedjustaswellwithsimplecalculationsastherealoptionsattachedtotheproject—optionscomplexones.Butwealsodescribeseveralmorethatsophisticatedmanagerscantakeadvantageof.realisticexamples,including:YoucouldsaythatDCFdoesnotreflectthevalueof•Astrategicinvestmentintheco

3、mputerbusiness.management.Managerswhoholdrealoptionsdonot•Thevaluationofanaircraftpurchaseoption.havetobepassive;theycanmakedecisionstocapitalizeongoodfortuneortomitigateloss.Theopportunity•Theoptiontodevelopcommercialrealestate.tomakesuchdecisionsclearlyaddsvaluewhenever

4、•Thedecisiontooperateormothballanoiltanker.projectoutcomesareuncertain.TheseexamplesshowhowfinancialmanagerscanvalueChapter10introducedthefourmaintypesofrealrealoptionsinreallife.Wealsoshowhowmanagerscanoptions:createrealoptions,addingvaluebyaddingflexibilityto•Theoptiont

5、oexpandiftheimmediateinvestmentthefirm’sinvestmentsandoperations.projectsucceeds.Weshouldstartwithawarning.Settingoutthepossible•Theoptiontowait(andlearn)beforeinvesting.futurechoicesthatthefirmmayencounterusuallycalls•Theoptiontoshrinkorabandonaproject.forastrongdoseofju

6、dgment.Therefore,donotexpectprecisionwhenvaluingrealoptions.Oftenmanagersdo•Theoptiontovarythemixofoutputorthefirm’snoteventrytoputafigureonthevalueoftheoption,butproductionmethods.simplydrawontheirexperiencetodecidewhetheritisChapter10gaveseveralsimpleexamplesofrealoptio

7、ns.worthpayingforadditionalflexibility.ThustheymightWealsoshowedyouhowtousedecisiontreestosetsay,“Wejustdon’tknowwhethergargleblasterswilloutpossiblefutureoutcomesanddecisions.Butwedidcatchon,butitprobablymakessensetospendanextranotshowyouhowtovaluerealoptions.Thatisourta

8、sk$200,000nowtoallowforanextraproductionlineintheinthischapter.Weapplytheconceptsandvaluationfut