Real Option으로 해석한 예상치 못하게 증가한 연구개발비에 대한 금융시장의 가치 평가

MasterThis paper examines how the RO value of R&D expenditure by financial market changes as time goes by. It examines the relations between the R&D capital and the firm value for 4 years from the time firm increase its R&D expenditure unexpectedly. The financial market is proved to evaluate the R&D capital unexpectedly increased with real option logic. The market valuation doesn’t consider only the market uncertainty and the technology uncertainty at the same time but it also takes account in the market uncertainty and the technology uncertainty in the future. These effects are only significant right after the R&D capital unexpectedly increased. And the period is shorter than 1 year. The result shows that the operational performance doesn’t have any relation with the firm value