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관광개발사업의 재무성 분석에 있어 실물옵션의 적용타당성 분석
A Feasibility Analysis of Real Option as Financial Analysis about Tourism Development Business

첫 페이지 보기
  • 발행기관
    관광경영학회 바로가기
  • 간행물
    관광경영연구 바로가기
  • 통권
    제20권 제5호 통권 72호 (2016.09)바로가기
  • 페이지
    pp.187-203
  • 저자
    신해수, 최승담
  • 언어
    한국어(KOR)
  • URL
    https://www.earticle.net/Article/A284461

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원문정보

초록

영어
This study aimed to conduct a feasibility analysis of real option as financial analysis about tourism development business. NPV method and IRR method, which had been used as financial analysis, could not reflect future uncertainty and volatility and therefore, real option, which can reflect dynamic change according to the course of time, was presumed as an alternative to analyze its feasibility. According to the analysis result, it was shown that tourism development business has great characteristics of uncertainty and volatility during the business period due to the large investment volume and the long-term operation period and that real option was adequate to be adopted. It was found that following options could be applied; option to abandon and option to alter operating scale in case of changes in economic situations such as financial crisis and economic recession; option to abandon and option to switch in case of changes in government policies, promotion intention of the central and the local government; option to defer, option to alter operating scale and time to build option in case of failure in fund raising and decrease in financing ability; option to abandon, option to alter operating scale and option to switch in case of difficult business proceeding due to objection of regional people and concerned parties; and, option to defer and option to alter operating scale in case of decreasing of demand and profitability due to external non-economic factors such as war, terror, infectious diseases. This study has a meaning to have suggested a ground to verify feasibility of real option as financial analysis about tourism development business and also to apply strategic and flexible decision-making to tourism development business.

목차

ABSTRACT
 Ⅰ. 서론
 Ⅱ. 실물옵션의 의의와 평가방법
  1. 실물옵션의 의의 및 유형
  2. 실물옵션의 평가방법
  3. 관광분야에서의 선행연구
 Ⅲ. 실물옵션의 적용타당성 분석
  1. 불확실성의 원인과 문제점 분석
  2. 적용타당성 분석 및 적용가능한 실물옵션의 유형
 Ⅳ. 관광개발사업에 실물옵션의 적용사례
  1. 사례의 개요 및 NPV분석 결과
  2. 실물옵션의 적용
 Ⅴ. 결론
 참고문헌

저자

  • 신해수 [ Haesu Shin | 이촌회계법인 공인회계사, 한양대학교 관광학과 박사 수료 ]
  • 최승담 [ Seungdam Choi | 한양대학교 관광학과 교수 ] 교신저자

참고문헌

자료제공 : 네이버학술정보

간행물 정보

발행기관

  • 발행기관명
    관광경영학회 [Tourism Management Research Organization]
  • 설립연도
    1997
  • 분야
    사회과학>관광학
  • 소개
    관광경영학을 실용학문의 체계로 확립하고 실천학문으로 정착시키기 위하여, 관광경영학문을 현실적응에 필요한 연구를 통해 국가관광정책의 방향을 제시하고, 관광사업자들에게는 실질적으로 도움이 되는 경영전략을 제공하며, 연구를 통하여 회원간의 친목도모와 정보교환을 함으로써 상호발전을 목적으로 한다.

간행물

  • 간행물명
    관광경영연구 [Journal of Tourism Management Research]
  • 간기
    격월간
  • ISSN
    2092-528X
  • 수록기간
    1997~2019
  • 등재여부
    KCI 등재
  • 십진분류
    KDC 326.39 DDC 910

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