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A Case Analysis of Government-led R&D Project Valuation Using Real-Option Approach - Focusing on Next Generation Ultra-low-power Semiconductor -
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실물옵션을 이용한 정부주도 R&D프로젝트 가치평가 사례분석 : 차세대 초저전력 반도체 사업을 중심으로

논문 기본 정보

Type
Academic journal
Author
Byungsuk Han (한양대학교) Ki-Beom Binh (명지대학교) Hyoung-Goo K (한양대학교)
Journal
Yonsei Business Research Institute Yonsei Business Review Vol.54 No.3(Wn.106) KCI Accredited Journals
Published
2017.10
Pages
25 - 49 (25page)

Usage

cover
📌
Topic
본 연구는 실물옵션 기법을 활용하여 정부가 주도하는 초저전력 미래 반도체 프로젝트의 경제적 타당성을 평가하는 것을 목적으로 한다.
📖
Background
현재 국내 반도체 산업의 경쟁력이 메모리 반도체를 제외하고 매우 취약하며, 이를 극복하기 위해 정부는 R&D 프로젝트를 통해 글로벌 경쟁력을 제고하고자 하고 있다.
🔬
Method
실물옵션 기법을 사용하여 초기 사업비 2,320억원을 설정하고 프로젝트의 가능성과 관련 산업의 파급 효과를 고려하여 시뮬레이션을 진행하였다.
🏆
Result
정부의 초저전력 반도체 프로젝트의 기대가치는 약 187억원으로 평가되었으며, 이는 사업비 대비 약 8%의 수익률을 나타낸다.
A Case Analysis of Government-led R&D Project Valuation Using Real-Option Approach - Focusing on Next Generation Ultra-low-power Semiconductor -
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Abstract· Keywords

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The domestic semiconductor industry lacks global competitiveness, except for memory semiconductors. In order to enhance the global competitiveness of the sector, the Korean government is actively promoting various R&D projects. This paper examines an interesting case of a government-led semiconductor R&D project for ultralow-power chips. We analyze whether the project is economically feasible using realoption framework. We estimate the project value as 18.7bn KRW. We take into account the possibility of project failure and the change in financial environment such as interest rates. Due to optionality in the projects, the higher the volatility of the project, the increased the value of the project as well. This is not surprising in real-option analysis, but the magnitude of the volatility effect is fairly large. This encourages the government to undertake aggressive R&D projects in ulta-low-power chips. This paper suggests several contributions. First, we extend real-option framework to R&D projects in semiconductor sector for the first time. Second, we use actual case of government-led projects and consider inter-industry effects. Third, we incorporate scenario analysis in the valuation. Hence, our research can be used as a benchmark for future R&D projects for government.
#실물옵션 #R& #D #가치평가 #반도체 #타당성분석 #real option #R& #D #valuation #semiconductor #feasibility analysis

AI Summary

Topic

본 연구는 실물옵션 기법을 활용하여 정부가 주도하는 초저전력 미래 반도체 프로젝트의 경제적 타당성을 평가하는 것을 목적으로 한다.

Background

현재 국내 반도체 산업의 경쟁력이 메모리 반도체를 제외하고 매우 취약하며, 이를 극복하기 위해 정부는 R&D 프로젝트를 통해 글로벌 경쟁력을 제고하고자 하고 있다.

Method

실물옵션 기법을 사용하여 초기 사업비 2,320억원을 설정하고 프로젝트의 가능성과 관련 산업의 파급 효과를 고려하여 시뮬레이션을 진행하였다.

Result

정부의 초저전력 반도체 프로젝트의 기대가치는 약 187억원으로 평가되었으며, 이는 사업비 대비 약 8%의 수익률을 나타낸다.

주요내용

Contents

요약
ABSTRACT
I. 서론
Ⅱ. 분석모형
Ⅲ. 분석결과
Ⅳ. 분석결과의 확장
Ⅴ. 결론
참고문헌

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