인문학
사회과학
자연과학
공학
의약학
농수해양학
예술체육학
복합학
DBpia AI
AI 에이전트
AI 아이디어
AI 리더
AI 뷰어
Citeasy
크롬 서지관리 다운로드
지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
초록· 키워드
Project financing has been used for real estate development including apartment complex projects as well as long-term infrastructure and industrial projects. Real estate project sites for project financing usually have been appraised based on development approach and government announced land price (GALP). Final value has been determined by reconciliating indicative values of each method. Of the two methods, development approach has played the more important, giving an appraiser guide to appropriateness of value by GALP. By the development approach, a kind of DCF approach, the land value is appraised by deducting the present value of development expenses (cash outflow) from the present value of expected total sales revenues (cash inflow). However, DCF analysis including development approach doesn't consider the uncertainty of future cash flow enough. Appraisals for PF have been done by development approach (a kind of DCF approach) with critical weaknesses. In other words, development approach doesn't consider the uncertainty of future cash flow enough, and sometimes are likely to generate too optimistic results.
There may be financial methods, such as real options approach and dynamic discounted cash flow (DDCF) that can be introduced in appraising real estate assets. Financial methods such as DDCF(Dynamic Discounted Cash Flow) and real options approach should be introduced for appraisal businesses to overcome development approach's weaknesses. Financial methods such as DDCF and real options may be applied to appraisal of business value including venture business, reconstruction apartment premium value, M&A of businesses, decision of investment timing, intangible assets and office building etc.
#appraisal for project financing
#프로젝트 파이낸싱 감정평가
#dynamic discounted cash flow
#동적 DCF
#real option
#실물옵션
상세정보 수정요청해당 페이지 내 제목·저자·목차·페이지정보가 잘못된 경우 알려주세요!
목차
등록된 정보가 없습니다.
참고문헌
참고문헌 신청최근 본 자료
