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

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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