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Domestic Real Estate Experts' Perception of Real Options Technique and Evaluation of the Business Value of Block-unit Housing Rearrangement Project
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국내 부동산 전문가들의 실물옵션 기법에 대한 인식도 조사 및 가로주택정비사업의 사업가치 평가

논문 기본 정보

Type
Academic journal
Author
Jin Yeon Hwa (한국토지주택공사) Jung-Suk Yu (단국대학교)
Journal
KOREA APPRAISAL SOCIETY 감정평가학논집 감정평가학논집 제19권 제2호 KCI Accredited Journals
Published
2020.1
Pages
93 - 139 (47page)

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Domestic Real Estate Experts' Perception of Real Options Technique and Evaluation of the Business Value of Block-unit Housing Rearrangement Project
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Research history (18)

2023

A Study on the Impact of Government-led Urban Regeneration Priming Project on Resident Satisfaction : Focusing on the Mediating Effect of Local Assets, Resident Participation, and Urban Regeneration Performance
Jin ,  Yeon Hwa ,  Hwang 지역정책연구 2023.08 Academic journal
A Study on the Effect of the General Neighborhood Type Urban Regeneration Priming Water Project on Resident Satisfaction: Focusing on the Mediating Effect of Local Assets and Resident Participation
Jin ,  Yeon Hwa ,  Hwang Journal of The Korean Regional Development Association 2023.06 Academic journal
A Study on the Impact of General Neighborhood Type Urban Regeneration Priming Water Projects on Urban Regeneration Performance: Focusing on the Mediating Effect of Resident Participation and Connected Projects
Jin ,  Yeon-Hwa ,  Hwang GRI REVIEW 2023.05 Academic journal
A Study on Priority Assessment of Importance of Urban Regeneration Project using Fuzzy AHP method : Focusing on the General Neighborhood Urban Regeneration New Deal Project
Jin Yeon-Hwa ,  Hwang Jae-Hoon 도시재생 2023.04 Academic journal
일반근린형 도시재생 마중물 사업에 대한 주민인식이 주민 만족도에 미치는 영향 연구 : 잠재변수 매개효과와 다중집단 조절효과를 중심으로
진연화 도시재생학 학과 2023.01 Thesis

2022

Priority Evaluation of Urban Regeneration New Deal Projects using AHP: Focusing on General Neighborhood New Deal Projects selected in 2017
Jin ,  Yeon-Hwa 한국지역개발학회 학술대회 2022.02 Proceeding

2021

Evaluation of the Business Value of the Private Sector Post-Sales System Using Real Options: Focusing on the Case of Wirye New Town
Jin Yeon-Hwa ,  Jung-Suk Yu 감정평가학논집 2021.12 Academic journal
A Study on Legislative Measures to Improve Business Implementation of the General Neighborhood Urban Regeneration New Deal Project Using In-Depth Interview(IDI) Method: Focusing on the New Deal Project in Uncheon·Sinbong?Dong, Cheongju-si
Jin Yeon-Hwa ,  Hwang Jea-hoon 도시재생 2021.08 Academic journal

2020

The Valuation of Feasibility of Public Participated Block-unit Housing Rearrangement Project Using Fuzzy Real Option
진연화 도시계획 및 부동산학과 2020.01 Thesis
Domestic Real Estate Experts' Perception of Real Options Technique and Evaluation of the Business Value of Block-unit Housing Rearrangement Project
Jin Yeon Hwa ,  Jung-Suk Yu 감정평가학논집 2020.01 Academic journal
Evaluation of the Business Value and the Optimal Selling Point of Housing Redevelopment Project Using Real Options
Jin ,  Yeon Hwa ,  Jung-Suk Yu 감정평가학논집 2020.01 Academic journal

2019

Analysis of the Risk Factors of Block-unit Housing Rearrangement Project Using Fuzzy Multi-Criteria Decision-Making Method: Focusing on Incheon Metropolitan City Case
Jin ,  Yeon Hwa ,  Yu Journal of the Korean Urban Management Association 2019.06 Academic journal
Valuation of Incheon metropolitan City Urban Development Combined Development Project using Real Options: Focused on Residential Environment Improvement Project
Jin ,  Yeon-Hwa ,  Yu Journal of The Korean Regional Development Association 2019.06 Academic journal
The Valuation of Pilot Project of Innovation Zone for Urban Renovation New Deal Using Fuzzy Real Options – Focusing on ‘Mansu 1’ Housing Development Project Southeastern-Gu Incheon Metropolitan -
Jin ,  Yeon-Hwa ,  Yu GRI REVIEW 2019.02 Academic journal
The Valuation of Block-unit Housing Rearrangement Project Using Fuzzy Real Options
Jin ,  Yeon Hwa ,  유정석 주택연구 2019.01 Academic journal

2017

The Optimal Investment Timing of Housing Redevelopment Projects using Real Options
Jin ,  Yeon-Hwa ,  Yu GRI REVIEW 2017.04 Academic journal
The Valuation of Housing Redevelopment Projects Using the Sequential Compound Real Options by Business Stage
Jin ,  Yeon-Hwa ,  Yu Journal of The Korean Regional Development Association 2017.03 Academic journal

2016

The Valuation and Optimal Investment Timing of Housing Redevelopment Projects using Real Options
진연화 부동산경영학과부동산경영 2016.01 Thesis
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Abstract· Keywords

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The government has selected and implemented 51 of the nationwide new deal projects in 2017 as a pilot project in response to urban decline, centering on the policy of 'urban regeneration new deal'. In the Incheon area, three Block-unit Housing Rearrangement Projects are underway as anchor projects that will lead the project within six urban regeneration new deal projects. In this study, as a result of selecting one street housing maintenance project and evaluating it using the traditional valuation method (DCF, etc.), it was found that it was difficult to promote the project due to its low business feasibility. Therefore, as a way to solve the shortcomings of the traditional valuation(DCF) method, we tried to investigate the real estate experts' perception of real options and then present them as an alternative valuation method. As a result of the survey of this study, the lack of understanding of real options was high because it was difficult to apply real options in practice. Therefore, in order to introduce the real-life option technique in the real estate field, more empirical research cases are needed so that the top decision makers can trust and easily understand. The empirical case of this study is that the business value(ENPV) under the Net Present Value Act(NPV) is -198 million won and the business has to be abandoned. However, among the finite expiration option options, it can be confirmed that the business value for the business value of ENPV by the Black-Scholes model is 1,343 million won and the business value by ENPV of the binomial-tree model is 1,316 million won.
#가로주택정비사업 #실물옵션 #블랙-숄즈 모형 #이항-트리 모형 #변동성

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References (52)

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구태이 / 2013 / 동적DCF 및 실물옵션모형에 의한 부산항(북항) 재개발사업의 가치평가분석 / 한국지역개발학회지 25(2):115~130 dbpia 국토교통부 / 2020 / 국토부-서울시 맞손, 공공주도 가로주택정비사업 본격 추진 / 국토교통부 보도자료(주거재생과 · 서울특별시 · 한국토지주택공사 · 서울주택도시공사, 2020.03.11). google schola 김규태 / 2016 / 공학경제 / 경문사 google schola 김기현 / 2010 / 실물옵션을 이용한 공모형 PF사업 가치평가에 관한 연구 google schola 김기현 / 2012 / 공모형 PF사업 문제 유형화를 통한 실물옵션 가치평가법의 적용에 관한 연구 / 부동산학연구 18(1):57~71 dbpia

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