산업경영시스템학회지 (Journal of Korean Society of Industrial and Systems Engineering)
- 제22권51호
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- Pages.151-161
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- 1999
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- 2005-0461(pISSN)
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- 2287-7975(eISSN)
첨단제조기술 투자의 경제적 의사결정을 위한 위험조정할인율의 결정방법
A Determination Method of the Risk Adjusted Discount Rate for Economically Decision Making on Advanced Manufacturing Technologies Investment
초록
For many decades, Deterministic DCF approach has been widely used to evaluate investment opportunities. Under new manufacturing conditions involving uncertainty and risk, the DCF approach is not appropriate. In DCF, Risk is incorporated in two ways: certainty equivalent method, risk adjusted discount rate. This paper proposes a determination method of the Risk Adjusted Discount Rate for economically decision making advanced manufacturing technologies. Conventional DCF techniques typically use discount rate which do not consider the difference in risk of differential investment options and periods. Due to their relative efficiency, advanced manufacturing technologies have different degree of risk. The risk differential of investments is included using
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