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Real Options Valuation, also often termed real options analysis,〔Adam Borison (Stanford University). (''Real Options Analysis: Where are the Emperor's Clothes?'' ). 〕 (ROV or ROA) applies option valuation techniques to capital budgeting decisions.〔Campbell, R. Harvey. (''Identifying real options'' ), Duke University, 2002.〕 A real option itself, is the right — but not the obligation — to undertake certain business initiatives, such as deferring, abandoning, expanding, staging, or contracting a capital investment project. For example, the opportunity to invest in the expansion of a firm's factory, or alternatively to sell the factory, is a real call or put option, respectively. Real options are generally distinguished from conventional financial options in that they are not typically traded as securities, and do not usually involve decisions on an underlying asset that is traded as a financial security.〔Amram, M., and K. N. Howe (2003), (Real Options Valuations: Taking Out the Rocket Science ), Strategic Finance, Feb. 2003, 10-13.〕 A further distinction is that option holders here, i.e. management, can directly influence the value of the option's underlying project; whereas this is not a consideration as regards the underlying security of a financial option. Moreover, management can not lookup for a volatility as uncertainty, instead their perceived uncertainty matters in real options reasonings. Unlike financial options, management also have to create or discover real options, and such creation and discovery process comprises an entrepreneurial or business task. Real options analysis, as a discipline, extends from its application in corporate finance, to decision making under uncertainty in general, adapting the techniques developed for financial options to "real-life" decisions. For example, R&D managers can use Real Options Valuation to help them allocate their R&D budget among diverse projects; a non business example might be the decision to join the work force, or rather, to forgo several years of income to attend graduate school.〔See Bilkic et. al. under #Applications.〕 It, thus, forces decision makers to be explicit about the assumptions underlying their projections, and for this reason ROV is increasingly employed as a tool in business strategy formulation.〔Justin Pettit: (''Applications in Real Options and Value-based Strategy'' ); Ch.4. in Trigeorgis (1996)〕〔Joanne Sammer: (Thinking in Real (Options) Time ), businessfinancemag.com〕 This extension of real options to real-world projects often requires customized decision support systems, because otherwise the complex compound real options will become too intractable to handle. ==Types of real option== The flexibility available to management – i.e. the actual "real options" – generically, will relate to project size, project timing, and the operation of the project once established.〔This section draws primarily on Campbell R. Harvey: (Identifying Real Options ).〕 In all cases, any (non-recoverable) upfront expenditure related to this flexibility is the option premium. Real options are also commonly applied to stock valuation - see Business valuation #Option pricing approaches - as well as to various other "Applications" referenced below. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Real options valuation」の詳細全文を読む スポンサード リンク
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