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      Real Option을 활용한 R&D가치평가에 관한 연구:신약개발 R&D가치평가 사례를 중심으로 = A study on the Real Option Approach to R&D Valuation : Focus on the Case of New Drug R&D Valuation

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      https://www.riss.kr/link?id=A104958408

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      다국어 초록 (Multilingual Abstract)

      Pharmaceutical and biotechnology companies must regularly introduce new products because of competition to current products and in order to capitalize on a new growth opportunity. Success of pharmaceutical companies is highly dependent on R&D. Most of companies perform some types of quantitative analysis such as NPV(net present value), IRR(internal rate of return) and payback in order to decide which of the alternative projects shoud be financed beforehand. Among these techniques NPV provides the best answer. But NPV approach may fail to evaluate R&D toward to the right way because it does not properly value management's ability to react proactively to the changes in future uncertainty. It means it does not consider the value of options to wait and revise the initial operation strategy.So, Traditional capital budgeting techniques such as Discounted Cash Flow (DCF) method assumes point estimates of future cash flows on predetermined of uncertainty over the course of the R&D, hence neglects managerial flexibility. To overcome the limitations of DCF method and to explicitly consider the value of flexibility, this study applied the real option approach to the new drug R&D valuation.
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      Pharmaceutical and biotechnology companies must regularly introduce new products because of competition to current products and in order to capitalize on a new growth opportunity. Success of pharmaceutical companies is highly dependent on R&D. Most of...

      Pharmaceutical and biotechnology companies must regularly introduce new products because of competition to current products and in order to capitalize on a new growth opportunity. Success of pharmaceutical companies is highly dependent on R&D. Most of companies perform some types of quantitative analysis such as NPV(net present value), IRR(internal rate of return) and payback in order to decide which of the alternative projects shoud be financed beforehand. Among these techniques NPV provides the best answer. But NPV approach may fail to evaluate R&D toward to the right way because it does not properly value management's ability to react proactively to the changes in future uncertainty. It means it does not consider the value of options to wait and revise the initial operation strategy.So, Traditional capital budgeting techniques such as Discounted Cash Flow (DCF) method assumes point estimates of future cash flows on predetermined of uncertainty over the course of the R&D, hence neglects managerial flexibility. To overcome the limitations of DCF method and to explicitly consider the value of flexibility, this study applied the real option approach to the new drug R&D valuation.

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      참고문헌 (Reference)

      1 "온라인기업의 가치평가 실태 및 발전방안연구" 정보통신부 2001

      2 "실물옵션가격결정법을 활용한 에너지 관련 사업의 경제성 평가" 에너지경제연구원 2001

      3 "실물옵션 적용 타당성 검토 연구" 한국기술거래소 2005

      4 "불확실성하의 전략적 투자 경영 실물 옵션" 21세기북스 2000

      5 "벤처기업과 인터넷기업의 한국형 가치평가모형의 개발" 한국금융연구원 2002

      6 "벤처기업가치평가에 관한 연구" 정보통신부 2000

      7 "Valuing Long-Term Commodity Assets" 3 (3): 85-99, 1998

      8 "Valuing Innovative Technology R&D as a Real Option: Application to Fuel Cell Vehicles" 2005

      9 "Valuing Innovative Technology R&D as a Real Option Application to Fuel Cell Vehicles" 2005

      10 "Today’'s options for tomorrow’'s growth" -160, 1984

      1 "온라인기업의 가치평가 실태 및 발전방안연구" 정보통신부 2001

      2 "실물옵션가격결정법을 활용한 에너지 관련 사업의 경제성 평가" 에너지경제연구원 2001

      3 "실물옵션 적용 타당성 검토 연구" 한국기술거래소 2005

      4 "불확실성하의 전략적 투자 경영 실물 옵션" 21세기북스 2000

      5 "벤처기업과 인터넷기업의 한국형 가치평가모형의 개발" 한국금융연구원 2002

      6 "벤처기업가치평가에 관한 연구" 정보통신부 2000

      7 "Valuing Long-Term Commodity Assets" 3 (3): 85-99, 1998

      8 "Valuing Innovative Technology R&D as a Real Option: Application to Fuel Cell Vehicles" 2005

      9 "Valuing Innovative Technology R&D as a Real Option Application to Fuel Cell Vehicles" 2005

      10 "Today’'s options for tomorrow’'s growth" -160, 1984

      11 "The valuation of technology" 1999

      12 "The Valuation of Sequential Exchange Opportunities" -43, 1988

      13 "The Promise of Real Options" 13 : 29-43, 1996

      14 "Stochastic Convenience Yield and the Pricing of Oil Contingent Claims" -45, 1990

      15 "Scientific Management at Merck An Interview with CFO Judy Lewent" 88-99, 1994

      16 "Recent Trends in Valuation" 2003

      17 "Real option을 이용한 IT투자 가치 분석" 정보통신정책연구원 2001

      18 "Real Options: Managerial Flexibility and Strategy in Resource Allocation" The MIT Press 1997

      19 "Real Options: A Practitioner's Guide" 2000

      20 "Real Options, Managing Strategic Investment in an Uncertain World" Harvard Business School Press 1999

      21 "Real Options Analysis: Tools and Techniques for Valuing Strategic Investments and Decisions" 2002

      22 "Real Options Analysis Course: Business Cases and Software Applications" 2003

      23 "Real Option Approach to R&D Project Valuation: Case Study at Serono International S.A" University of Lausanne 2002

      24 "R&D 우선순위 결정모델에 관한 연구" 2004

      25 "Managing R&D as a Strategic Option" 31-, 1988

      26 "Investments and Option Values in a Deregulated Electricity Sector" 2000

      27 "Investment under Uncertainty" Princeton University Press 1994

      28 "Finance Theory and Financial Strategy" -14, 1984

      29 "Challenges to the Practical Implementation of Modeling and Valuing Real Options" 38 : 537-567, 1998

      30 "Calculation of Indicated Market Value of IP Company's Drug Delivery Infusion System Including U.S. Patent A, B, C, D" 2000

      31 "Applying "Options Thinking" 50-56, 1996

      32 "An Option Pricing Model for Natural Resource Development Projects" Seoul National University. 2000

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      학술지 이력

      학술지 이력
      연월일 이력구분 이력상세 등재구분
      2026 평가예정 재인증평가 신청대상 (재인증)
      2020-01-01 평가 등재학술지 유지 (재인증) KCI등재
      2017-01-01 평가 등재학술지 유지 (계속평가) KCI등재
      2013-01-01 평가 등재학술지 유지 (등재유지) KCI등재
      2010-01-01 평가 등재학술지 유지 (등재유지) KCI등재
      2008-01-01 평가 등재학술지 유지 (등재유지) KCI등재
      2006-08-11 학술지명변경 한글명 : 한국보전경영학회지 -> 한국경영공학회지 KCI등재
      2006-07-21 학회명변경 한글명 : 한국보전경영학회 -> 한국경영공학회
      영문명 : 미등록 -> Korea Management Engineers Society
      KCI등재
      2005-03-22 학술지등록 한글명 : 한국보전경영학회지
      외국어명 : 미등록
      KCI등재
      2005-01-01 평가 등재학술지 선정 (등재후보2차) KCI등재
      2004-01-01 평가 등재후보 1차 PASS (등재후보1차) KCI등재후보
      2002-07-01 평가 등재후보학술지 선정 (신규평가) KCI등재후보
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      학술지 인용정보

      학술지 인용정보
      기준연도 WOS-KCI 통합IF(2년) KCIF(2년) KCIF(3년)
      2016 0.62 0.62 0.62
      KCIF(4년) KCIF(5년) 중심성지수(3년) 즉시성지수
      0.57 0.48 0.749 0.23
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