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Venture Valuation(二)
Venture Valuation ??????? ??? ??? ???? Checklist? ?? ??? ???? ??? ??. ????? ??? ????? ??? ? ??? ??. Real Options Logic? ??? ??? ?? ? ?? ??? ? ???? ???? ?? ??? ???? ????? ??? ???? ?? ?? ?. 4?? Category? ???, ???, ????, ??????? ?? ???? ??? ??? ???? ????? ?? ?????? ?? ????. V-60 Checklist ???? ???? ???? ???? Venture Valuation Tool REAL OPTION LOGIC Real Options Logic Option ????? ??? ?? ??? ?? ?? ???? ??? ? ? ?? ??? ???. ??? ????? ???? ???? ??? ??? ?? ??, ? ?????? ? ?? ??? ???. Real Options Logic ????? ??? ????? ??? ???. ?????? ??? ?? ?? ????? ??? ????? ??? ??? ???? ??? ????? ???? ???. ??? ??,??,????? ?? ????? ?? ? ????? ????, ????, E-biz ??? ?? ???? ???. Real Option? ?? ???? ??? ? ?? Real Option? ??? ??? ??. ????(Growth Option) ????(Option to Expand Scale) ????(Option to Contract Scale) ????(Abandonment Option) ?????(Option to Switch) ??????(Timing Option) ??: Michael E. Edleson, “Real Options: Valuing Managerial Flexibility”, Harvard Business School Press, June 4, 1999 Black-Scholes Model S: ????? ?? ????? ?? ??????? ???? X: ???? ????? ???? ??????? ???? t: ?? ????? ?? ?: ??? ????? ?? ??????? ???? rf: ?????? ?????? D: ??? ??? ?? ???? Option Model ??? ??? ??? ?? ?? ?? ??? ??? ? ?? ? ???? ??? ??. ????? ??, ????? ??? ???? ??? ????? ???? ??? ??? ?????, ??? ?? ?? ??? ????? ??? ??? ? ?? ??? ? ???? ??? ??? ??? ??. ???? ??? ???? ????? ???? ????? ???. Real Options Logic? ???? ?? ??????? ??? ? ?? Real Options Logic ???? ???? ??? ???? ??? ????? ? ??? ??. ‘???? ???’?? ????? ?? ????? ???? ??? ???. ?????(Burn Rate)? ??. Real Option ??? ??? ?????? ??? Real Option?? ???? ?? ???? Checklist? ??, ??? ?????? ???? ? ????? ??????? ???. ??? ??????? ??? ??? ???? ????? ????? ???? ??? ??? ???? ?? ?? ?? ???? ??. * * ??????????????? ? ? ? ???? ???? ??? Start ups venture ??? ???? ??? ??? Option ???? ??? ??? ??? ??? ?? - not fortune telling but reasoning
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